As Wal-Mart (WMT.US) prepares for its first trading day on Nasdaq, CEO Doug McMillon reflected on the retail giant’s transformation under his leadership and explained the decision to switch from the NYSE to the tech-heavy Nasdaq exchange. The move, executed on Tuesday U.S. Eastern Time, marks the largest listing transfer in U.S. stock market history.
"Wal-Mart has evolved significantly," McMillon stated, noting that the Nasdaq relocation reflects the company’s shift toward technology and the explosive growth of artificial intelligence. He added, "AI will create new ways to shop—eliminating friction points shoppers dislike while enhancing the experiences they value."
This tech-driven evolution partly influenced McMillon’s decision to transition leadership to John Furner, who, like McMillon, began his Wal-Mart career as an hourly worker. Furner has held multiple roles, most recently serving as CEO of Wal-Mart U.S., the company’s largest division, since 2019. "John has a clear vision for the company’s future," McMillon said, praising Furner’s expertise in digital initiatives, supply chain, and omnichannel operations—qualifications deemed critical for steering Wal-Mart into its next, more tech-centric phase.
As the world’s largest retailer, McMillon maintains sharp insights into consumer behavior and economic trends shaping spending habits. He acknowledged persistent inflation, particularly in groceries, which remains a challenge for most shoppers—especially lower-income households grappling with years of elevated prices. However, Wal-Mart has attracted more high-income shoppers, a trend evident in its recent quarterly results.
"When we look at our U.S. customers and members, spending continues, with growth driven by middle-to-upper-income households. We’re benefiting from high-income families shopping with us more frequently," McMillon noted during the Q3 earnings call, reiterating the point in interviews. He added, "The business remains stable, aligning with our Q4 outlook. But across income tiers—low, middle, and high—we’re seeing slower spending among lower-income groups, consistent with broader macroeconomic trends."
Since McMillon became CEO, Wal-Mart’s stock has surged nearly 500%, more than doubling the S&P 500’s 242% gain over the same period.
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