A Walmart Lifer Will Become the Retail Giant’s Next CEO

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• 00:03

  What Walmart's longtime CEO stepping down means for the company's future.

• 00:07

  Plus what's driving yet another volatile day in markets.

• 00:11

  And how online retailer Quince is scraping the internet in its quest to sell you cheaper cashmere sweaters.

• 00:18

  A lot of these digital first fashion brands that are really big now,

• 00:22

  they all have a very similar model where they're able to predict what shoppers are going to buy and then they operate in real time.

• 00:29

  It's Friday, November 14th.

• 00:31

  I'm Alex Ocele for The Wall Street Journal.

• 00:34

  This is the PM edition of What's News,

• 00:36

  the top headlines and business stories that move the world today.

• 00:46

  Walmart CEO Doug McMillan is stepping down after over a decade in the role,

• 00:51

  a change at the top of the country's largest retailer and private employer.

• 00:55

  Under his leadership,

• 00:56

  Walmart went from a struggling retailer with stagnant sales to an e-commerce rival to companies like Amazon with diverse revenue streams.

• 01:03

  This is McMillan in an interview with the Stanford Graduate School of Business earlier this year.

• 01:08

  We eventually figured out what we wanted to do with e-commerce and now the growth rate's gone back up.

• 01:13

  We have a more sustainable business model and now we make money from membership advertising and some other things that flow from that e-commerce investment.

• 01:20

  Walmart says John Ferner, company lifer and head of its U.S.

• 01:23

  division, will become the new Walmart CEO in February.

• 01:27

  For more on the transition and what it means for the company,

• 01:29

  WSJ reporter Chip Cutter, who covers management, joins me now.

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