NEW YORK (AP) — Walmart CEO Doug McMillon, who turned the nation’s largest retailer into a tech-powered giant since taking over in 2014, will retire in January.

John Furner, 51, a longtime insider and head of Walmart’s United States operations, will take over, the company said.

Analyst were surprised by the retirement announcement from McMillon, who is 59 years old. McMillon’s retirement is effective Jan. 31, 2026. Furner will start as CEO the next day.

During McMillon’s tenure as CEO, he invested heavily in its workers by increasing wages, expanding parental leave and launching a program for certificates or degrees for employees seeking education opportunities.

Walmart has also lowered its prices and embraced technology such as artificial intelligence to improve customer and worker experiences.

“Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and e-commerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance,” said Walmart Chairman Doug Penner.