Podcast Summary — “Walmart's Former CEO on the Company's Turnaround”
The Journal. (WSJ & Spotify Studios), February 10, 2026
Hosts: Ryan Knutson, Jessica Mendoza
Reporter/Guest Interviewer: Sarah Nassauer
Guest: Doug McMillon (Retired CEO, Walmart)

Overview

This episode looks at Doug McMillon’s 12-year tenure as CEO of Walmart, exploring how he led the company from a declining reputation and market share to becoming a trillion-dollar public company. Through a reflective exit interview with Sarah Nassauer, McMillon discusses Walmart’s transformation, how the retail giant confronted the threat of Amazon, improved its treatment of workers, and positioned itself for the future amid new challenges — including the rise of AI and continued online competition.

Key Discussion Points & Insights

Doug McMillon's Beginnings and Walmart’s Challenges

• Doug’s History: Started at Walmart as a high schooler in Bentonville, Arkansas in 1984, eventually working his way up to CEO in 2014.
• Initial Conditions: Walmart had a poor reputation as an employer, was targeted by unions, and was perceived mainly as a seller of cheap goods ([04:30]). Competition from Amazon, Costco, and others threatened Walmart’s very future.

Turning Around Walmart: Listening & Investing in People

• Back to Basics: McMillon describes starting with Walmart’s “Super Centers” — strengthening core stores by talking to front-line associates.

  “I traveled around the country and asked our associates what needs to happen. And they said: you need to raise our wages. You need to give us some schedule certainty...We need to lower our prices.” — Doug McMillon [04:58]

• Investment in Workers: Walmart raised its entry-level pay from $9 (2015) to $14 (2026). Focus on employee retention, happiness, and operational improvements preceded deeper forays into e-commerce.

E-Commerce Evolution & Strategic Bets

• Key Acquisitions:
  • Jet.com: Acquired for $3.3B in 2016. Jet’s founder Mark Lore and his team energized Walmart’s e-commerce operations, even though Jet itself didn’t survive ([07:57]).
  • Flipkart: Billion-dollar Indian acquisition drove expansion, particularly internationally.
• Grocery Innovation: Leveraged Walmart’s leadership in groceries to drive its pivotal online offering — curbside pickup, grocery delivery at store prices ([08:51]).

Shifts in Reputation and Business Metrics

• Reputation: Worker satisfaction and public perception have improved, though challenges remain (e.g., criticism over employees using government subsidies) ([09:48]).
• Investor Confidence: Walmart reached a $1 trillion market cap, demonstrating investor belief in the turnaround strategy ([10:43]).

Notable Investor Moment

• Warren Buffett’s Exit: Buffett sold all of his Walmart stock by 2018, citing uncertainty about retail’s future.

  “I finally called him and I said, Warren, I just have to know, is it me?... And he basically said, retail is changing so much and e-commerce is the future…” — Doug McMillon [06:51]

Corporate Leadership & Social Responsibility

• On Wages:

  “We’ve also on more than one occasion as a company called for an increase in the minimum wage…” — Doug McMillon [11:49]

  • Emphasizes the need for a healthy middle class, calls for federal minimum wage increases ([12:22]).
  • Walmart’s starting pay ($14) well exceeds the federal minimum ($7.25), but McMillon advocates for an indexed higher minimum.
• On CEO’s Political Role: Moderately outspoken on key social issues (LGBTQ+ rights, gun sales, race relations after George Floyd’s murder) but warns against “commenting on everything.”

  “They’re people, though, and these issues matter to them. So what happened over a period of years is there were things that occurred where our own associates were like, we want to hear something from you...” — Doug McMillon [15:03]

  • Balances corporate responsibility and focus on workplace values.

Transition to New Leadership and the AI Future

• John Furner as New CEO:
  • Furner, like McMillon, ascended from hourly store roles and embodies “company man” culture. Noted for insight into AI and technological applications ([16:25]).

  “He’s got a futuristic view of what the company can become, including how to apply AI.” — Doug McMillon [16:25]

  • McMillon cites that Furner is “ready to do this better than I can,” marking a decisive and timely handoff ([16:58]).
• AI Strategy:
  • Walmart won’t build its own language models but is integrating partnerships (OpenAI, Google) and experimenting with in-app AI shopping assistants like “Sparky” ([18:26]).
  • AI is seen as a tool for shopping experience and operational efficiency, not a core product.

Looking Ahead: Walmart’s Enduring Challenge

• Amazon Looms Large: Despite success, Walmart’s new leader faces the same existential threat: keeping pace/trumping Amazon as the e-commerce and AI era accelerates.

  “In some ways you could actually say that Walmart faces basically the same challenge that it did 10 years ago. It has to keep fending off this other behemoth.” — Sarah Nassauer [19:36]

• Leadership Dynamic: New CEO’s challenge is to define his own narrative without alienating continuity from McMillon’s era.

Notable Quotes & Memorable Moments

• On Starting at Walmart:

  “McDonald’s paid 3.35 and Walmart paid 6.50. I was very excited to get a job at Walmart.” — Doug McMillon [03:45]

• On Execution and Confidence:

  “I had confidence that our plan would work… we’re going to be one of the winners and I hope to see you soon.” — Doug McMillon [06:51]

• On Retiring as CEO:

  “The job of a CEO is to leave before you need to leave, not after… when you’re running laps and it’s time to hand the baton, hand it over and cheerlead.” — Doug McMillon [16:58]

• On Social Leadership:

  “We should live in a way that’s consistent with our values. ... I should be doing everything I can from a practical point of view, to make people that work at Walmart feel heard and included.” — Doug McMillon [15:03]

Timestamps for Important Segments

• Doug reflects on start at Walmart: [03:24]
• Walmart’s poor reputation, early challenges: [04:30]
• Associate-driven turnaround strategy: [04:58]
• Raising wages as a deliberate investment: [05:34]
• Warren Buffett’s Walmart exit & McMillon's reaction: [06:27–07:39]
• Jet.com acquisition and e-commerce shift: [07:57]
• Grocery-driven online growth: [08:51]
• Progress on reputation and retention: [09:48]
• Trillion-dollar market cap significance: [10:43]
• Walmart’s position on the minimum wage: [11:49–12:22]
• CEO activism and company values: [14:04–15:03]
• Introducing John Furner & the AI future: [16:25–18:26]
• AI strategy and tech priorities: [18:26]
• Continued competition with Amazon: [19:16–19:36]
• Doug on leaving, emotional close: [20:47–20:55]

Conclusion

Doug McMillon’s leadership marked a period of hard resets and difficult choices for Walmart, building resilience in its core business while attacking the e-commerce threat head-on. The baton now passes to John Furner, who will need to chart his own path as Amazon and AI continue to reshape retail. Throughout, the focus on employees, inclusivity, and competitive adaptation remains central to Walmart’s enduring story of American business reinvention.