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Retail is entering a period of sweeping leadership change, with major chains replacing long-tenured chief executives amid intensifying industry pressures. The transitions come as retailers navigate global trade rebalancing, faster adoption of artificial intelligence, and tighter US household budgets.
Leadership consultancy Challenger, Gray & Christmas reported that 43 retail companies announced CEO exits in the first 10 months of 2025, up from 32 in the same period last year. Additional changes have occurred since then, and more are expected.
Walmart’s incoming CEO, John Furner, became president and CEO on February 1. Furner previously led Walmart’s US division and has been with the company for decades, starting as an hourly associate and moving through senior roles.
Target named Michael Fiddelke as its new CEO. Fiddelke, previously the company’s chief operating officer, succeeded Brian Cornell on February 1, with Cornell remaining on the board as executive chair.
Best Buy said CEO Corie Barry will step down at the end of October and be replaced by Jason Bonfig. Jefferies analysts said the appointment prioritizes retail media and the company’s online marketplace, described as key profit drivers for the electronics retailer.
Kroger appointed Greg Foran as its new CEO in February, citing his record of disciplined execution at large companies. Foran previously served as CEO of Air New Zealand and spent much of his career at Walmart, including serving as Walmart US CEO until 2019.
Lululemon said Heidi O’Neill, a former Nike executive, will take over as CEO in September. The company cited her three decades of experience across performance apparel, footwear, and sport categories; her most recent role at Nike was president of the consumer and marketplace division.
Lululemon parted ways with CEO Calvin McDonald on January 31. The company is led in the interim by CFO Meghan Frank and chief commercial officer André Maestrini.
L.L.Bean promoted Greg Elder, its chief retail officer, to CEO in January. Elder has been with the company for nearly 20 years and previously worked at Eddie Bauer and Dayton Hudson Corporation (now Target). His most recent responsibilities included stores, wholesale, international, and direct-to-business.
Kraft Heinz named Steve Cahillane as its new CEO. Cahillane, formerly CEO of Kellanova, took over from Carlos Abrams-Rivera on January 1.
The company had planned to split into two publicly traded businesses this year but scrapped the plan. Cahillane said at a February conference that dividing the company and turning around declining businesses was not manageable.
Saks Global appointed Geoffroy van Raemdonck as its new chief in January, following the retailer’s Chapter 11 bankruptcy filing. Van Raemdonck replaced Richard Baker, Saks Global’s former interim CEO and executive chairman, who was largely responsible for the retailer’s acquisition of Neiman Marcus.
7-Eleven’s parent company, Seven & i Holdings, said Joe DePinto retired at the end of last year. Stan Reynolds and Doug Rosencrans, the company’s former president and chief operating officer, are serving as co-CEOs until a permanent successor is hired.
Camping World founder Marcus Lemonis stepped down as CEO on January 1, with company president Matthew Wagner taking over. Wagner has been with Camping World since 2007, serving in multiple leadership roles, and was appointed chief operating officer in 2023 and president in 2024.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
