Bloomberg Intelligence Podcast

Episode: Walmart CEO Retires, US Head to Lead Retailer Into AI Age
Date: November 14, 2025
Hosts: Scarlet Fu, Paul Sweeney
Guests: Jen Bartash (Retail Analyst), Madison Mueller (Healthcare Reporter), John Butler (Telecom Analyst)

Episode Overview

This episode dives into major leadership transitions at Walmart, transformative AI-driven strategies, and the competitive retail landscape. The hosts also analyze big moves in the pharma and telecom sectors, focusing on diversification, market disruptions, and the intersection of technology and corporate culture.

Walmart CEO Transition: What It Means (01:48 - 06:33)

Key Discussion Points

• Doug McMillon's Retirement

  • Walmart's long-standing CEO, Doug McMillon, is set to retire in February 2026.
  • John Furner, current CEO of Walmart US, will succeed him.

• Succession Planning

  • The choice of Furner was widely expected; the surprise was in the precise timing.
  • Jen Bartash: "It's the surprise is really only in the timing, not in the selection of who is actually going to succeed Doug McMillon." (02:17)

• Culture Shift at Walmart

  • Under McMillon, Walmart shifted from a "supplier bully" to a technology-driven, experimental culture.
    • Jen Bartash: "That culture has really evolved to where it's much more of a technology-led company. They're willing to experiment, they try, they fail, they move on." (02:52)
  • The company is now focused on AI, digital sales, and marketplace expansion.

• Industry Impact & Competitive Positioning

  • No major strategy changes expected with Furner at the helm; he'll continue McMillon's trajectory.
  • Walmart is "firing on all cylinders," gaining market share, and growing profits, while Target and its new CEO focus on internal turnaround.
    • Jen Bartash: "At Target, we also had a new CEO announced not long ago ... it's much more about the focus on Target's transformation and transfer a turnaround plan." (04:03)

Notable Quotes

• Podcast Host (on McMillon's young retirement):
  "He's only 59 years old now... that's kind of young, right?" (02:42)
• Jen Bartash (on McMillon's legacy):
  "He’s really implemented a cultural change at Walmart ... they're not afraid to back away when they're not panning out and delve into something new." (02:52)

Investor Perspective

• Walmart has expanded focus while exiting low-performing international markets.
• Strong emphasis on technology (especially AI) and digital marketplace growth.
• Recent efforts target higher-income households for sustained, diversified growth.
• Despite higher valuation, opportunity remains for future growth.
  • Jen Bartash: "Walmart has done an admirable job of increasing the breadth of their business while simultaneously becoming more focused." (05:03)

Pharma M&A: Merck’s Pipeline Moves (09:23 - 13:23)

Key Discussion Points

• Merck’s $9.2 Billion Buy of Sadara Therapeutics

  • Response to impending patent expiry (2028) for Keytruda, their best-selling cancer drug.
  • Merck aims to diversify rather than bet on a single blockbuster.
    • Madison Mueller: "Almost half the company's revenue last year came from Keytruda ... so Merck has been looking for other products to replenish its pipeline." (09:47)

• The String of Pearls Strategy

  • Instead of one big acquisition, Merck is pursuing multiple smaller deals to diversify and stabilize revenue.
    • Madison Mueller: "They're looking to have sort of ... a string of pearls M and A approach, looking to more like bite-sized deals to sort of diversify its pipeline." (10:54)

• Patent Expiry & Product Lifecycle

  • Companies can use tweaks (new formulations/indications) to extend exclusivity but it provides only marginal time.
    • Madison Mueller: "It's definitely something that they still do ... but again, it sort of only gives you a couple more years." (12:33)

• Regulatory Backdrop

  • Current environment is more focused on drug pricing and market consolidation, but Merck’s deal is not expected to see significant antitrust scrutiny.
    • Madison Mueller: "They don't think that the FTC per se will have a problem with this deal, but it's interesting to do a deal in the infectious disease space..." (13:23)

Telecom Shakeup: Verizon & EchoStar (17:23 - 22:58)

Verizon’s Major Layoffs and New Leadership

• Verizon Job Cuts

  • Plans to lay off 15,000 jobs (15% of workforce) under new CEO Dan Schulman.
  • Schulman pivots from a "network first" (emphasizing technology prowess) to a "consumer first" strategy to improve customer experience and brand connection.
    • John Butler: "Shulman saw it and said we need to be consumer first, not network first." (17:48)

• Competitive Culture Shift

  • Verizon hopes to emulate T-Mobile’s consumer brand playbook.
    • John Butler: "Consumer wireless is a consumer retail business ... Verizon just seems off base there." (19:37)
  • Struggles persist from Verizon's legacy as the "old Bell company."
    • Podcast Host: "They're old Bell company so they have some of that legacy." (20:03)

• Need for Growth Adjacencies

  • With limited room for growth in core wireless, telecoms are exploring media and adjacent sectors, as seen in Rogers’ Canadian strategy.
    • John Butler: "They also need to move into adjacency ... they're tapping different adjacencies to make up for that slow growth..." (20:27)

EchoStar Spectrum Sale

• Charlie Ergen’s Long Game
  • EchoStar, once a satellite TV giant, is finally selling big blocks of wireless spectrum to Starlink and AT&T after years of speculation.
  • The stock price has tripled, but it took over a decade for this outcome.
    • Podcast Host: "It took them about 15 years, it seems like, to do what we all knew almost 15 years ago..." (22:04)
  • EchoStar could have become a mobile virtual network operator (MVNO) but chose to build their own network, which failed to gather subscribers.
    • John Butler: "You become what's called a mobile virtual network operator ... and they just decided to do the network themselves." (22:25)

Memorable Quotes & Moments

• On Walmart’s Transformation:
  "They're willing to experiment, they try, they fail, they move on."
  — Jen Bartash (02:52)

• On Target’s Position:
  "I think first Target’s got to get their house in order before they go after other people's houses as well."
  — Jen Bartash (04:03)

• On Merck’s Pipeline Woes:
  "Companies have to think ... a decade or more in advance about what's happening in terms of their pipeline."
  — Madison Mueller (12:33)

• On Verizon’s Cultural Hurdle:
  "It's in the culture there. And hopefully Shulman can sort of instill that excitement in the consumer."
  — John Butler (20:09)

Timestamps for Important Segments

• 01:48: Walmart CEO Retires—Succession plan breakdown
• 02:52: The cultural and operational transformation of Walmart under Doug McMillon
• 04:03: Walmart vs. Target—competitive outlook
• 05:03: Why investors remain bullish on Walmart
• 09:23: Merck’s $9.2B acquisition to diversify pipeline
• 10:54: "String of pearls" M&A strategy in pharmaceuticals
• 17:23: Verizon’s 15,000-job layoff and leadership shakeup
• 21:09: EchoStar finally sells valuable spectrum after years in limbo

Conclusion

This episode of Bloomberg Intelligence offers a comprehensive view of corporate strategy, leadership transitions, and the evolving role of technology and consumer focus in driving growth. The analysis spans across retail, pharma, and telecom, drawing a picture of industries in motion—balancing risk, innovation, and the need for decisive strategic shifts.