Squawk Pod: Walmart CEO Doug McMillon & Scott Jennings (December 9, 2025)

Episode Overview

This episode of Squawk Pod offers an in-depth conversation with departing Walmart CEO Doug McMillon, exploring his legacy, Walmart's transformation, the company's future with AI, and his views on leadership and the American economy. Also featured is Scott Jennings, CNN political commentator and author, who discusses the shifting nature of media debates and the ideology driving the current political landscape. The hosts engage in lively debate about business, politics, and the state of American capitalism, with exclusive insights from top industry figures.

Key Discussion Points & Segment Highlights

1. Walmart’s NASDAQ Switch & Doug McMillon’s Legacy

[02:19 – 33:22]

Why Walmart Switched to NASDAQ

• Walmart is making a major move from NYSE to NASDAQ, becoming the largest public company ever to switch exchanges.
  • Doug McMillon: “The ability to participate in the NASDAQ 100 and to be associated with the brand of Nasdaq, given the progress the company's made as it relates to technology, is kind of what rose to the top.” [18:53]
• Emphasizes Walmart’s tech transformation under McMillon's leadership.

McMillon on Stepping Down

• After 11 years and 350%+ stock growth, McMillon is handing over the reins.
  • McMillon: “When you see somebody who's ready to run the next lap better and faster than you are, it's time to hand them baton and get out of the way.” [19:39]
• Successor John Furner is described as a lifelong Walmart associate with deep company roots.

Reflections on Leadership and Company Change

• McMillon credits Walmart’s culture for willingness to embrace change without losing its core values.
  • McMillon: “You can't get growth without change.” [20:50]
• The importance of succession planning is highlighted, with the board and Walton family deeply involved.
  • McMillon: “We talk about succession planning at every board meeting. About a year ago, I really started feeling like this next run… it really caused me to think that now was the right time.” [21:41]

2. Walmart’s Vision for AI and the Future of Retail

AI Transformation & Shopping Experience

• Walmart is developing an AI-native, fully personalized shopping experience.
  • McMillon: “We're building an experience that replaces the old app website that's AI native, that's more personalized, understands shopping context, presents itself in a multimedia way.” [23:49]
  • Introduces “Sports Sparky”—Walmart’s AI-driven front end launching next year.
• AI is poised to disrupt both customer interaction and internal processes (inventory, automation).

The Threat of Disintermediation

• Andrew Ross Sorkin questions if AI agents might cut out retailers.
  • McMillon: “Our strategy is build everything organically ourselves and partner with others to be at top of funnel. We’re one of the few parties that have a huge catalog and the ability to deliver it fast.” [26:19]

Adaptability & Risk Management

• McMillon keeps track of top 10 retailers each decade as a reminder: “If you don’t change, you die.” [27:16]
• Walmart’s flexibility in navigating challenges—tariffs, inflation, inventory management.

3. Walmart’s Socioeconomic Impact

Inclusive Approach to Political & Cultural Issues

• McMillon addresses avoiding divisive issues:
  • McMillon: “We serve everybody, literally everybody… our approach has been to be really practical.” [28:11]
• Points to measured, commonsense resolutions on issues like firearms, wages.

Worker Opportunity & Capitalism

• Improved employee compensation and ownership: “Over 400,000 of our associates participate in that stock purchase plan… associates have benefited from the equity appreciation.” [29:05]
• Philosophical discussion on capitalism:
  • McMillon: “If you work hard to apply yourself, you can make it here and change your life.” [29:45]

Walmart’s Current Consumer Base & Economic Pressures

• Higher-income shoppers are fueling growth; low-income shoppers are still under pressure from inflation.
  • McMillon: “We're benefiting from some share gains. People with higher income levels are shopping with us more often...There's pressure at the bottom end.” [30:48]

4. McMillon’s Next Chapter

• Plans to rest, explore, and engage in philanthropy and business: “I’ve never had a blank calendar and I’ve now seen what one looks like in a few months and it’s kind of exciting.” [33:03]

5. Interview: Scott Jennings – The Business of Political Conversation

[35:20 - 48:34]

The Hunger for Debate in Media

• Jennings describes Americans' appetite for real-time, challenging debate on mainstream media.
  • Jennings: “I think Americans are hungry for debate and they love it.” [36:20]
• The expansion of debate on shows like CNN’s Abby Phillips Show has amplified diverse viewpoints.

Challenges of Defending Conservative Positions

• Jennings often finds himself as a “pilgrim in an inhospitable land” (media) and sees his role as necessary for balance.
  • Jennings: “I'm also one of the only pundits that comes from middle America. I live in Kentucky, not D.C. or New York.” [38:00]
  • “We talk to each other and have a few more debates, our politics will be better.” [38:47]
• He doesn’t feel compelled to “die on every hill”—willing to nudge debate without blanket defense of all party lines.

On Trump, Common Sense, and Policy

• Jennings cites Trump’s willingness to exercise executive power for the working class.
  • Jennings: “He just believes he was put here to be responsive to a coalition of working class Americans that had really no politician fighting for them in Washington, D.C.” [40:12]
  • “...most of the time conservative is common sense.” [33:38, 40:00]

The Persistence of Partisanship & the Debate Dilemma

• Discusses gridlock and lack of genuine debate in D.C.: “70% of Americans are probably in the middle... How do we get that [debate] back to a place in Washington?” [41:07]
• Jennings: “There's a demand for this in our politics and people like it and it's okay. We don't always have to agree.” [41:56]

Lasting Impact and the Future

• Jennings is cautiously optimistic about America's ability to endure political division: “This is a great time for Americans to realize…we solve our problems through debate and voting, not violence.” [46:31]
• On the future of the political landscape, he expects both parties to face internal reckonings and new leaders to emerge: “It's obvious J.D. Vance is… if he wants the nomination, he's going to get it.” [47:13]

Notable Quotes & Memorable Moments

• Doug McMillon:

  • “If you don’t change, you die.” [27:16]
  • “I could start this next big set of transformations with AI, but I couldn’t finish.” [20:14]
  • “Our people make the difference.” [29:05]
  • “I've never had a blank calendar and I've now seen what one looks like in a few months and it's kind of exciting.” [33:03]

• Scott Jennings:

  • “Americans are hungry for debate and they love it.” [36:20]
  • “I was put on this earth to debate. I'm a sometimes a pilgrim in an inhospitable land.” [38:38]
  • “Most of the time conservative is common sense.” [33:38, 40:00]
  • “We solve our problems through debate and voting, not violence.” [46:31]

Timestamps for Major Segments

| Segment | Start | Highlights | |-----------------------------------------|------------|-----------------------------------------------------------------------------| | Walmart’s Move to NASDAQ | 02:19 | Breaking down reasoning, symbolism, company image & strategy | | Doug McMillon Interview Begins | 18:23 | Stepping down, legacy, company transformation | | Leadership and Company Culture | 20:50 | Associates, succession, board involvement | | Walmart’s AI Future | 23:49 | Personalized retail, AI app, inventory automation | | Adapting to Market Changes | 27:16 | “If you don’t change, you die.” | | Socioeconomic Impact & Employee Equity | 29:05 | Stock plan, wage increases, philosophy of opportunity | | State of the Consumer | 30:48 | Share gains, inflation, economic observations | | McMillon on His Next Steps | 33:03 | Plans for rest, philanthropy, business | | Scott Jennings Interview | 35:20 | Debate in media, defending conservative perspectives | | Trump, Common Sense & Populism | 40:00 | Executive power, working class focus | | Partisanship, Debate & Hope | 41:07 | State of U.S. discourse, voter sentiment | | Media, Radio and Political Futures | 45:44 | Paul Harvey, Rush Limbaugh inspiration, party leadership changes | | Who Leads Next for GOP & Democrats? | 47:03 | J.D. Vance, Rubio, speculation on Democrats |

Summary Takeaways

• Walmart’s Transformation: Doug McMillon reflects on a decade-plus of cultural and tech-driven change, positioning Walmart as not just a retailer but a tech-forward company ready for the AI age.
• Leadership & Transition: McMillon’s humility and focus on succession illustrate best practices for large organizations.
• AI in Retail: Walmart is poised for another transformation with AI at the core, from customer experience to logistics.
• Pragmatism in Corporate Culture: Walmart navigates political and cultural minefields with a practical, inclusive approach—“serve everybody.”
• Media & Politics: Scott Jennings unpacks why Americans crave genuine political debate, and how new media vehicles can elevate substantive conversation over partisan echo chambers.
• Future Outlook: Both interviews blend optimism with realism—adaptation, debate, and openness to new ideas are vital for resilience in business, politics, and society.

Concluding Note

This episode delivers a rich blend of executive insight, business transformation lessons, commentary on technology’s impact, and a candid exploration of the evolving U.S. media and political landscape. Both Doug McMillon and Scott Jennings offer perspectives that highlight the value of adaptability, debate, and practical leadership for reaching the next phase—whether in retail or the nation's capital.