International Finance
Business Leaders Featured

Business Leader of the Week: Meet Doug McMillon, CEO of Walmart

IFM_Doug McMillon
As of 2024, according to Forbes, Doug McMillon's net worth is around 2,770 crores USD

Walmart Group, one of the world’s retail biggies, runs a huge network of supermarkets, hypermarkets, and department stores. Since its founding in Bentonville, Arkansas, in 1962 by Sam Walton, Walmart has expanded into a massive retail empire that serves millions of customers every day and is present in over 25 countries. The company’s main goal is to make goods accessible and affordable for everyone by providing customers with everyday low prices.

Walmart has become a dominant force in the global retail industry thanks to this strategy. Walmart has continuously reduced costs and passed savings on to customers, maintaining its competitive edge thanks to its vast supply chain and economies of scale. The business operates under several names, such as Asda in the United Kingdom and Walmart in the United States. Walmart has considerably increased its online presence in addition to its physical locations by making large investments in e-commerce platforms to fulfil the changing demands of customers in the digital era. The company aims to improve customer loyalty and engagement by implementing programmes such as Walmart+, a subscription-based service that provides benefits like unlimited free delivery.

A wide range of product categories, including groceries, clothing, electronics, home goods, and more, are included in Walmart’s business model. The company’s initiatives to cut waste, support renewable energy, and assist local communities through various philanthropic endeavours demonstrate its commitment to sustainability and corporate responsibility. Walmart is still a powerful player in the retail industry despite backlash over its labour policies and effects on small businesses. It keeps coming up with new ideas and innovations to stay ahead of the competition.

Walmart has looked into strategic alliances and acquisitions in recent years to bolster its position in important markets and diversify its sources of income. In an ever-evolving retail landscape, the company shows a proactive approach to staying relevant by investing in technology start-ups and forming alliances with other industry leaders. While navigating the opportunities and challenges of the digital era, Walmart continues to shape the future of retail with its vast resources, global reach, and dedication to delivering value to customers.

Today, Walmart has achieved new heights all because of Carl Douglas McMillon, an American businessman, and the president and chief executive officer (CEO) of the company.

    Who is Carl Douglas McMillon?

  • Doug McMillon was born in Memphis, Tennessee, and grew up in Jonesboro, Arkansas, USA
  • He studied for a Master of Business Administration (MBA) from University of Tulsa, USA
  • Doug McMillon joined Walmart as a summer associate in high school in 1984, and since then he worked for the company throughout his career
  • At the start of his career, he became a buyer, and later worked as a general merchandise manager for Walmart’s wholesale store division Sam’s Club before taking an executive role, overseeing toys, electronics, and sporting goods, among other areas
  • Doug McMillon became the company’s fifth CEO in 2014
  • He raised wages for hourly workers in the United States, boosted the company’s commitment to e-commerce and revamped Walmart’s executive team, within his first two years as chief executive
  • Doug McMillon announced Walmart would invest an additional USD 2.7 billion in higher associate wages, benefits and training, including raising its lowest wage to USS 9 an hour in 2015 and USD 10 an hour for 2016
  • Forbes named him to its World’s Most Powerful People list in 2014, 2015 and 2016
  • As of 2024, according to Forbes, Doug McMillon’s net worth is around 2,770 crores USD

Walmart Continues Its Growth Journey Despite Challenges

In February 2024, Walmart said that its quarterly revenue rose 6%, as shoppers turned to the retail giant’s outlets throughout the holiday season. The revenue growth also got backed by the company’s global e-commerce sales growth, which touched the double digit mark.

The retail giant is all set to acquire smart TV maker Vizio to accelerate the growth of its advertising business. Walmart’s Chief Financial Officer John David Rainey told CNBC that while customers were putting expensive items like electronics, TVs and computers in the backburner (in terms of their buying preferences), they were shopping more frequently. Even after the change in consumer behaviour, Walmart has been witnessing continued sales strength.

In the three months that ended January 31, Walmart’s net income fell to USD 5.49 billion or USD 2.03 per share, compared with USD 6.28 billion, or USD 2.32 per share, in the year-ago period. Also, revenue increased from USD 164.05 billion in the year-ago period. The venture now expects its consolidated net sales to rise 4% to 5% in its fiscal first quarter. It also anticipates adjusted earnings of USD 1.48 to USD 1.56 per share on a pre-stock split basis.

For its fiscal 2025, the retailer expects consolidated net sales will climb 3% to 4%, while anticipating adjusted earnings of USD 6.70 to USD 7.12 per share on a pre-stock split basis.

What's New

Start-up of the Week: The ‘du-it’ revolution in Malaysia’s BNPL scene

IFM Correspondent

Saudi wealth fund increases holdings in Chinese stocks, gains from Alibaba windfall

IFM Correspondent

Saudi Ports Authority issues new licenses to strengthen logistics sector

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.