Doug McMillon, who guided Walmart through one of the most ambitious modernization periods in its history, will retire early next year after a decade as chief executive. Walmart confirmed on Friday that McMillon, 59, will step down on January 31, with John Furner, the head of Walmart U.S., assuming the role the following day. The announcement prompted a brief decline in Walmart shares, which fell 3% in premarket trading before partially recovering.

McMillon, who began his Walmart career as an hourly associate in the 1980s, leaves behind a markedly different company from the one he inherited in 2014. During his tenure, Walmart expanded its digital infrastructure, modernized supply chain operations, and repositioned itself as a more technology-driven and socially responsive global retailer. Walmart Chairman Greg Penner said McMillon “led a comprehensive transformation” that strengthened the company’s long-term strategy.

A Leadership Change During a Complex Economic Landscape

Furner, 51, will take charge at a time when retailers continue to navigate shifting consumer behavior, inflationary pressures, and evolving global trade policies. Walmart has spent nearly a year adapting to a volatile economic environment shaped by tariff policies and immigration-related labor shortages under the Trump administration, which influenced supply chains and workforce availability across multiple industries.

Walmart remains the world’s largest retailer and the largest private employer in the United States, with 1.6 million U.S. workers and a global workforce of 2.1 million. Its influence extends far beyond retail. Economists and policymakers monitor the company’s performance as an indicator of U.S. consumer demand, given that Walmart estimates 90% of American households rely on its stores or e-commerce platforms.

McMillon’s Rise and His Blueprint for Modernization

A University of Arkansas graduate, McMillon joined Walmart in 1984 and worked in various operational and executive roles before succeeding Mike Duke as CEO. When he took the helm, Walmart faced declining store traffic, lagging digital capabilities, and low employee morale. McMillon prioritized investment in workers, committing billions toward wage increases, expanded parental leave, and new education programs that enabled employees to earn certificates and degrees at reduced cost.

He also pushed the company to embrace technology in ways that reshaped its core business. Walmart adopted automation, robotics, and artificial intelligence across its logistics network, accelerating the shift to omnichannel retail. These changes modernized distribution centers, streamlined delivery systems, and allowed Walmart to compete more effectively with Amazon in e-commerce.

McMillon also sought to improve Walmart’s public image. Under his leadership, the company strengthened sustainability commitments, including reducing carbon emissions and expanding renewable energy use. He also engaged directly with frontline workers and supported initiatives that repositioned Walmart as a more socially conscious global brand.

Financial Expansion and Investor Reaction

McMillon’s decade as CEO delivered significant financial growth. Walmart’s annual revenue rose 40% over the period—from $485.7 billion in his first fiscal year to $681 billion in the most recent one. The company’s share price climbed from around $25 to more than $102, reflecting long-term investor confidence in its strategic transformation.

His tenure was not without turbulence. In 2015, Walmart announced a $2.7 billion investment to raise wages and fund employee education, a move that temporarily pressured profits. When McMillon lowered the company’s sales forecast that year, Walmart shares dropped sharply, erasing $21.5 billion in market value in a single day. Over time, improved sales performance, higher employee retention, and expanded digital services helped restore investor confidence.

TD Cowen analyst Oliver Chen said Furner brings “robust experience” in managing Walmart’s largest division, predicting continuity in the company’s strategy. He noted, however, that succeeding McMillon “won’t be easy,” describing the outgoing CEO as both visionary and grounded.

Policy Decisions and Operational Shifts Under McMillon

McMillon oversaw several decisions that reshaped Walmart’s public policy footprint. In 2019, the company stopped selling certain ammunition types and asked customers not to openly carry firearms in stores, a shift announced shortly after mass shootings in Texas and at a Walmart store in El Paso. The move marked one of the most significant retail policy changes on firearms in recent decades.

Walmart also invested heavily in e-commerce and last-mile delivery operations. By August, the company said one-third of deliveries from U.S. stores involved three-hour-or-less turnaround times, with 20% completed within 30 minutes. Walmart+—its membership program launched to compete with Amazon Prime—expanded delivery perks, streaming benefits, and fuel discounts, supporting its broader digital strategy.

Navigating a Global Health Crisis and Economic Uncertainty

The COVID-19 pandemic tested Walmart’s global operations. As consumers shifted to remote work and home-based living, Walmart experienced strong sales growth driven by demand for groceries, household goods, and essential supplies. The company used its scale to minimize supply chain disruptions, worked closely with suppliers to maintain inventory, and kept prices relatively stable during a period of global inflation.

Walmart also attracted more high-income shoppers during the inflation surge as consumers sought lower prices amid rising costs. The company’s affordability strategy remains central to its long-term positioning, especially during periods of economic uncertainty.

McMillon was among several retail leaders who met with President Donald Trump at the White House to discuss tariffs and their impact on import costs. Walmart said it absorbed some additional fees, though prices increased in select product categories. McMillon told analysts that the company aimed to keep prices “as low as we can for as long as we can.”

Incoming CEO John Furner’s Path to Leadership

Furner began his Walmart career in 1993 as an hourly associate in Bentonville and worked across merchandising and international divisions before becoming president of Sam’s Club. He later assumed leadership of Walmart U.S., where he focused on improving store operations, expanding online services, and strengthening the retailer’s integrated supply chain.

He enters the CEO role with experience managing Walmart’s largest business unit during one of the most disruptive periods in modern retail. Analysts expect him to build on McMillon’s strategy, balancing cost efficiency, digital investment, and employee retention.

As part of the transition, McMillon will serve as an adviser for one year to support continuity. Walmart emphasized that the leadership change comes as the company prepares for long-term growth in automation, artificial intelligence, and global e-commerce.

Source: AP News – Walmart CEO Doug McMillon announces his surprise retirement at age 59

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Intel Corp. has reported a return to profitability, marking its first quarterly gain since the U.S. government became one of its major shareholders. The turnaround comes as the company undergoes deep restructuring under new leadership to reclaim its position in the fiercely competitive global semiconductor market.

Intel’s Financial Recovery

In its latest quarterly results, Intel announced a net income of $4.1 billion, or 90 cents per share, for the three months ending in September. That marks a sharp reversal from the $17 billion loss the company recorded a year earlier.

Revenue rose 3% year over year to $13.7 billion, signaling modest growth after several challenging quarters. The company’s stock jumped nearly 8% in after-hours trading, reaching $41.10, extending gains since the U.S. government’s high-profile investment earlier this year.

Government Investment and Strategic Overhaul

Intel’s rebound follows a major shift in both leadership and financial structure. In August, President Donald Trump announced that the U.S. government would acquire a 10% stake in Intel as part of an effort to secure the domestic semiconductor supply chain — a move viewed as vital to national security and economic resilience.

The stake was issued in exchange for nearly $9 billion in funds Intel had already been granted under the CHIPS and Science Act of 2022, legislation designed to revive U.S. semiconductor manufacturing and reduce reliance on Asian suppliers.

While such direct government investment in a private corporation is rare, especially under a Republican administration, the measure reflects Washington’s growing concern over the dominance of foreign chipmakers and China’s technological rise.

Restructuring Under New Leadership

Since taking over as CEO earlier this year, Lip-Bu Tan has undertaken a sweeping cost-cutting campaign, eliminating thousands of jobs and shelving underperforming projects to restore Intel’s financial health.

Tan, a veteran of the semiconductor industry, has emphasized streamlining operations and redirecting resources toward core chip design and manufacturing capabilities. The company’s strategy also includes renewed focus on AI chip development and next-generation fabrication facilities in the U.S. and Europe.

Intel’s turnaround strategy comes amid intensifying competition from Nvidia, AMD, and TSMC, all of which have surged ahead in high-performance and artificial intelligence chip production.

Industry Partnerships and Funding Boosts

In addition to U.S. government support, Intel has attracted new private investment to stabilize its finances. The company received $5 billion from Nvidia in September and another $2 billion from Japan’s SoftBank earlier this year. These partnerships, analysts say, may help Intel accelerate its transition into new technologies and strengthen its supply chain partnerships.

Founded in 1968, Intel was once the undisputed leader of the personal computing era. But the company’s dominance began to erode after it missed the mobile revolution that followed Apple’s launch of the iPhone in 2007.

Now, with artificial intelligence transforming the technology landscape, Intel faces its greatest challenge yet — catching up in a sector where Nvidia’s graphics processing units (GPUs) have become indispensable for AI training and data centers.

Looking Ahead

Analysts view Intel’s latest results as an encouraging sign but caution that recovery remains fragile. The company must still demonstrate consistent growth and technological innovation to regain investor confidence and market share.

The U.S. government’s ownership stake adds both opportunity and scrutiny, tying Intel’s performance to broader national policy goals in advanced manufacturing and technology independence.

For now, investors appear optimistic. As Intel works to rebuild its competitive edge in the AI-driven semiconductor era, its return to profitability marks an early milestone in a long-term comeback effort.

Source: AP News – Intel posts profit even as it struggles to regain market share

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United Parcel Service (UPS) announced Tuesday it will eliminate around 20,000 jobs and close 73 facilities as part of a sweeping cost-cutting plan tied to its decreasing reliance on Amazon.

The move comes as the package delivery giant prepares to significantly scale back its business with Amazon, its biggest — but less profitable — customer. The cuts are expected to take place throughout 2025, with facility closures targeted for completion by the end of June. UPS is still reviewing its network, meaning more closures could follow.

“The actions we are taking to reconfigure our network and reduce cost across our business could not be timelier,” said CEO Carol Tomé. “The macro environment may be uncertain, but with our actions, we will emerge as an even stronger, more nimble UPS.”

In January, UPS revealed it had reached a deal with Amazon to reduce package volume by more than 50% by the second half of 2026. Tomé emphasized that while Amazon has been a key partner for nearly 30 years, its deliveries weren’t boosting the bottom line.

“Amazon is our largest customer, but it’s not our most profitable one,” she explained. “Its margin is very dilutive to the U.S. domestic business.”

UPS evaluated several strategic options before settling on cutting volume — a move the company believes will ultimately lead to better operational efficiency and profitability.

The announcement came alongside UPS’s first-quarter earnings report. The Atlanta-based company posted a net income of $1.19 billion ($1.40 per share) for the quarter ending March 31. Excluding certain items, earnings hit $1.49 per share, topping analysts’ expectations of $1.44.

Revenue also beat Wall Street forecasts, coming in at $21.55 billion, compared to an estimated $21.06 billion.

Despite the financial beat, UPS is holding off on updating its full-year forecast due to ongoing economic uncertainty. Previously, the company projected $89 billion in revenue for 2025.

UPS, which employs around 490,000 people, saw its stock rise slightly in early trading following the news.

Source: AP News – UPS to cut 20,000 jobs, close some facilities as it reduces amount of Amazon shipments it handles

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Hooters, the iconic restaurant chain famous for its wings and all-female waitstaff in bright orange uniforms, has filed for bankruptcy. However, the decades-old brand assures customers that it isn’t going away anytime soon.

As part of its bankruptcy plan, Hooters will sell all 100 of its company-owned restaurants to two franchisee groups that already operate locations in Tampa, Florida, and Chicago. This combined group currently owns about a third of all franchised Hooters locations in the U.S., according to the company’s statement.

Despite financial struggles, Hooters says it will continue operating as usual. The company has filed for Chapter 11 bankruptcy protection in a Texas court, a strategic move to reorganize and stabilize its business. The goal is to emerge from bankruptcy in 90 to 120 days while evaluating which locations will remain open.

Like many casual dining chains, Hooters has faced mounting challenges, including:

• Rising food and labor costs
• Increased competition in the fast-casual dining space
• Legal troubles, including lawsuits related to racial and gender discrimination
• Closures of several locations in recent years

Other restaurant chains, such as BurgerFi and Red Lobster, have also filed for bankruptcy in the face of similar struggles.

Hooters’ bankruptcy also comes with a major leadership shift. The buyer group includes original Hooters founders, led by Neil Kiefer, CEO of franchisee group Hooters Inc.

Kiefer expressed optimism about the future, noting that private equity firms have owned Hooters for years without deep experience in the brand. He believes the founder-led buyout will return Hooters to its roots while modernizing its approach.

One key change? A more family-friendly dining experience. In a recent interview with Bloomberg News, Kiefer shared plans to refresh the brand while maintaining its signature appeal.

CEO Sal Melilli reassured fans that the chain remains committed to delivering “guest-obsessed hospitality” and its famous food. The company will assess its locations, meaning some underperforming stores may close.

However, one message was clear in Hooters’ statement: “Our renowned Hooters restaurants are here to stay.”

Source: CNN – Hooters files for bankruptcy

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Starbucks is set to lay off 1,100 corporate employees worldwide as part of a broader effort to streamline operations, according to a letter from Chairman and CEO Brian Niccol. The company will notify affected employees by midday Tuesday and will also eliminate several hundred unfilled positions.

Why Starbucks Is Making Cuts

Niccol, who took over as CEO last fall, emphasized that the goal of the layoffs is to increase efficiency, enhance accountability, reduce complexity, and improve integration across the company.

Despite the job cuts, Starbucks’ frontline baristas—who make up the majority of the company’s 361,000 employees worldwide—will not be affected. Some corporate employees, such as those in roasting and warehouse roles, are also exempt from the layoffs.

Niccol had previously signaled in January that corporate layoffs would be announced by early March, stressing the need to simplify decision-making and improve company operations.

Starbucks Joins Other Companies in Downsizing

Starbucks’ move reflects a broader trend of corporate layoffs across major industries:

• Southwest Airlines recently announced 1,750 job cuts, affecting 15% of its corporate workforce in the company’s first major layoffs in 53 years.
• Bridgestone Americas closed a plant in LaVergne, Tennessee, last month, laying off 700 workers.

As companies face economic pressures, workforce reductions have become a common strategy to cut costs and improve efficiency.

Starbucks’ Strategy for a Comeback

Niccol was brought in to revive slowing sales and improve customer experience. His key initiatives include:
Faster Service: Streamlining operations to speed up service, especially during peak morning hours.
Menu Simplification: Cutting back on menu items to make ordering more efficient.
Order Management: Refining Starbucks’ ordering algorithms to balance mobile, drive-thru, and in-store orders.

These changes are meant to enhance Starbucks’ reputation as a community gathering place while addressing customer concerns about wait times and pricing.

Starbucks Sales Struggles and Recent Improvements

In its 2024 fiscal year (ended Sept. 29), Starbucks’ global same-store sales fell 2%:
U.S. Market: Customers grew frustrated with rising prices and longer wait times.
China Market: Starbucks faced increased competition from lower-priced rivals.

However, in the most recent quarter, the company exceeded sales expectations, partly due to visible changes under Niccol’s leadership. One of the most notable shifts was removing the extra charge for non-dairy milk, a move that resonated with customers.

Starbucks Stock Reaction

Following the announcement, Starbucks shares rose by nearly 2% on Monday, indicating investor confidence in the company’s restructuring efforts.

As Starbucks pushes forward with its revamp strategy, all eyes will be on whether these changes can successfully reignite growth and customer loyalty.

Source

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Sources suggest Honda was in a stronger position, while Nissan struggled with ongoing instability.
Mitsubishi Motors, Nissan’s smaller alliance partner, also withdrew from the talks.

Industry Expert’s Take:
“Honda is pretty confident and has a lot in their favor, whereas Nissan is in a bad place. They don’t have a dance partner right now.”
— Christopher Richter, Japan Autos Analyst at CLSA

What This Means for Nissan

Nissan has not fully recovered from its leadership crisis following the 2018 arrest and ouster of Carlos Ghosn. Without Honda, Nissan is left to navigate a rapidly changing auto industry alone.

Key Challenges Facing Nissan:
Surging competition from Chinese EV makers like BYD.
Potential U.S. tariffs, which could impact profits.
Declining market value—Honda is now five times larger than Nissan.

Looking for New Partners?
Nissan is now open to working with other companies, and Taiwan’s Foxconn is seen as a potential new partner. Foxconn Chairman Young Liu stated that while they would consider taking a stake in Nissan, their main focus is on cooperation.

Nissan’s Restructuring & Job Cuts

In response to market pressures, Nissan is implementing a major restructuring plan:

9,000 job cuts announced in November 2024.
Global production capacity reduced by 20%.
Potential factory shutdowns, especially in China, where Nissan operates eight plants with Dongfeng Motor.
Production already suspended at its Changzhou plant as part of cost-cutting efforts.

Stock Market Impact
When merger talks surfaced in December 2024, Nissan’s stock surged over 60%, while Honda’s rose 26%. However, after the deal’s collapse:

• Nissan’s gains dropped to 21%
• Honda’s gains fell to 11%

Market Valuation Today:

• Honda’s market cap: ¥7.5 trillion ($48.6 billion)
• Nissan’s market cap: Nearly five times smaller than Honda’s

What’s Next for Nissan & Honda?

Both automakers will still collaborate on EV technology.
Nissan will continue restructuring and may seek new partners.
Honda remains financially stronger and independent.
The Japanese auto industry faces growing pressure from China’s EV dominance.

Will Nissan find a new partner, or will it struggle to keep up? Stay tuned.

Source

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JPMorgan Chase (JPM.N) has started informing employees about job cuts as part of its planned workforce reductions for 2025, a source familiar with the matter told Reuters on Wednesday. This marks the beginning of several layoffs scheduled for the year.

How Many Employees Are Affected?

According to Barron’s, which first reported the news, fewer than 1,000 employees will be laid off in February. However, additional cuts are expected later in the year.

A JPMorgan spokesperson clarified that these layoffs are part of the “regular management of the business“ and emphasized that the bank still has 14,000 open positions. The company continues to hire in various departments and is working to redeploy impacted employees where possible.

JPMorgan’s Workforce & Future Layoffs

At the end of 2024, JPMorgan had a total of 317,233 employees. While the bank is planning further job reductions in 2025, the exact number of affected employees remains undisclosed.

Why Is JPMorgan Laying Off Employees?

Despite these layoffs, JPMorgan Chase is financially strong. The bank, the largest U.S. lender by assets, reported its highest-ever annual profit in 2024.

The banking sector’s operating environment has improved, with Wall Street profits surging due to a revival in dealmaking and fundraising activities. This trend has been supported by a strong U.S. economy, boosting optimism across the financial industry.

Impact of Economic Policies & Market Trends

While JPMorgan expects market activity to increase in 2025, it has noted that some companies are waiting for more clarity on economic and regulatory policies before making major financial moves.

Despite policy uncertainty from the Trump administration’s economic and regulatory changes, industry leaders remain bullish about future growth.

JPMorgan’s Investment Banking Growth

Investment banking fees have seen a mid-teens percentage growth in the first quarter of 2025, as client confidence improves. JPMorgan’s Chief Operating Officer, Jennifer Piepszak, confirmed that economic optimism is driving more financial transactions.

What’s Next for JPMorgan?

• Layoffs will continue throughout 2025, though hiring will also persist in certain areas.
• Strong financial performance indicates the bank is not in distress but rather restructuring.
• Economic and regulatory shifts may impact future hiring and business strategies.

For now, JPMorgan remains focused on balancing workforce adjustments while capitalizing on financial market growth.

Source

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Major Surf and Skate Brands Face Store Closures

Quiksilver, Billabong, and Volcom—three iconic brands in the surf and skate industry—are set to close their U.S. retail stores in 2025. The move comes after Liberated Brands, the company operating these stores, filed for Chapter 11 bankruptcy on Sunday.

As a result, over 100 stores across the country will shut down, marking a significant shift for the once-thriving action sports retail sector.

Why Are These Stores Closing?

According to a bankruptcy filing, several economic challenges contributed to the closures, including:
Inflation pressures affecting operational costs
Changes in consumer spending habits
Shifts in the global retail landscape

Liberated Brands acknowledged these difficulties in a statement, saying:
“The team has worked tirelessly over the last year to propel these iconic brands forward, but a volatile global economy and rising cost of living have taken a heavy toll.”

Despite the closures, the Quiksilver, Billabong, and Volcom brands will continue to operate under new management, the company confirmed.

Wider Trend: Retail Struggles Across the U.S.

The shutdown of these stores reflects a broader retail downturn, with other major chains also closing locations.

Recent Retail Closures:

Macy’s – Closing 66 locations in early 2024, with nearly 150 stores set to close over three years under the Bold New Chapter strategy.
Kohl’s – Shuttering 27 underperforming stores by April 2025.

Macy’s and Kohl’s both cited efforts to reshape their business models and focus on profitability amid shifting shopping trends.

What’s Next?

While brick-and-mortar locations are disappearing, the Quiksilver, Billabong, and Volcom brands will continue under new ownership, offering products online and through select retailers.

Retail experts predict that the action sports industry will continue evolving, with digital sales and direct-to-consumer strategies becoming more dominant in the future.

Key Takeaway: The closure of over 100 Quiksilver, Billabong, and Volcom stores marks the end of an era for surf and skate retail, reflecting the larger challenges facing traditional retail businesses in today’s economy.

Source

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Macy’s has postponed the release of its quarterly earnings report after discovering that a former employee concealed $154 million in expenses over nearly three years. The company revealed that the employee, who is no longer with Macy’s, intentionally made false accounting entries to hide costs related to small package deliveries.

An independent forensic investigation was launched after the discrepancies were identified. Macy’s stated that the hidden expenses accounted for only a fraction of its $4.36 billion delivery costs over the affected period, but the severity of the issue warranted the delay. The company plans to release its earnings report on December 11.

No Broader Impact Found

Macy’s assured investors that the false entries did not affect its cash management or vendor payments. Thus far, the investigation has pointed solely to the former employee, with no evidence implicating others in the scheme.

Macy’s CEO, Tony Spring, emphasized the company’s commitment to ethical practices in a statement, saying, “While the investigation continues, we remain focused on serving our customers and executing a strong holiday season strategy.”

Financial Performance and Market Reaction

Following the announcement, Macy’s shares fell nearly 3% at the market open. The company also reported a 2.4% decline in quarterly sales, dropping to $4.7 billion. Macy’s attributed the decline to weaker performance in digital channels and cold-weather product categories, as much of the country experienced an unseasonably warm fall.

Retail analyst Neil Saunders from GlobalData Retail noted, “The drop in sales was expected, given the challenges in the middle-market segment and Macy’s struggles to stay competitive across its stores. It underscores the company’s overall decline.”

Efforts Toward Restructuring

In response to ongoing challenges, Macy’s is proceeding with plans to close hundreds of underperforming stores. Despite broader struggles, some divisions showed resilience: Bloomingdale’s reported a 1.4% sales increase, while the luxury beauty brand Bluemercury posted a 3.2% rise.

Earlier this year, Macy’s declined offers from private investors to acquire the company, opting instead to focus on its internal revitalization strategy.

As the investigation continues, Macy’s aims to rebuild investor confidence and position itself for success in the crucial holiday shopping season.

Source

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