Certain CEO positions are so significant that speculating on their successors becomes a common pastime. When a leading contender is a woman, particularly for a company that has never had a female chief executive, the decision draws even more attention.
TL;DR
- Walmart selected John Furner, head of Walmart U.S., as its new CEO, not Kath McLay.
- This leaves succession contests at Disney and JPMorgan as key focus areas for women leaders.
- Disney's Dana Walden is a leading candidate to succeed Bob Iger.
- JPMorgan has one remaining female candidate, Marianne Lake, for its CEO position.
A prominent succession contest that's garnered attention for years has been at Walmart, the planet's largest retailer and No. 1 company on the Coins2Day 500 for thirteen consecutive years. Generating $693 billion in yearly sales, Walmart surpasses Amazon, Apple, and other major tech corporations to remain, to this day, the globe's foremost enterprise.
Walmart's CEO Doug McMillon, who has led the company for ten years and is only the fourth CEO in its history (founder Sam Walton included), has shown indications for several years that he was prepared to step down. Numerous internal candidates were vying for the position. Among the most promising was Kath McLay, who started at Walmart ten years ago and currently heads its international division. This position has historically served as a stepping stone to the Walmart CEO role, as it did for McMillon. This was a contributing factor to McLay's No. 25 on the Coins2Day Most Powerful Women list ranking earlier this year, stemming from both the influence of her substantial current position and its potential to elevate her further.
This morning, however, Walmart revealed that John Furner, head of Walmart U.S., will succeed McMillon as the new CEO of Walmart. No other leadership shifts were disclosed by the company.
McLay boasts a distinguished ten-year tenure at Walmart, overseeing Sam's Club prior to the international division; this Australian executive, in her early fifties, could undoubtedly land numerous CEO positions if she decided to depart Walmart. Roz Brewer, who managed Sam's Club before McLay (and notably, whose direct successor was Furner), subsequently took the helm at Walgreens Boots Alliance.
Walmart is now officially out of the running for a significant CEO position that a woman could hold, at least for the next few years, unless something unexpected happens. This raises the question: what's next? The two other succession races drawing the most attention in the U.S. Are occurring at Disney and JPMorgan.
As I wrote in yesterday’s newsletter, JPMorgan had two serious female candidates in the mix—now it’s down to one, consumer and community banking chief Marianne Lake (No. 16 on the MPW list), after Jennifer Piepszak publicly said she would take herself out of the running to succeed Jamie Dimon.
Disney Entertainment cochair Dana Walden (No. 22 on the MPW list) is a leading candidate to succeed Bob Iger, a succession race drawing significant attention due to Iger’s return and issues with his last successor. Walden's background is in television, unlike some rivals who advanced through the theme park divisions. This year, she was instrumental in the entertainment conglomerate's choice to pull Jimmy Kimmel’s show from the air after facing criticism from conservatives regarding his remarks about Charlie Kirk's passing. Although this controversy appeared to jeopardize Walden's chances for the top position, she ultimately emerged from the situation favorably. Even Kimmel indicated he believed Walden has done a “great job” and that his discussions with her during the crisis assisted him in navigating it. The three main individuals involved in discussions throughout the entire affair were Walden, Iger, and Kimmel, underscoring her role as a crucial decision-maker for Disney's most critical choices.
So with Walmart out of the running, those of us who are rooting for women to run more than 10.4% of the Coins2Day 500—and the most consequential jobs within it—will have our eyes on these posts. Each company has emphasized that whoever gets the position will be the most qualified candidate for the job. But going 0 for 3 would be a shame!
Emma Hinchliffe
emma.Hinchliffe@coins2day.com
The Most Powerful Women Daily newsletter is Coins2Day’s daily briefing for and about the women leading the business world. Subscribe here.
ALSO IN THE HEADLINES
A Goldman Sachs exec is caught up in Epstein's emails. Kathy Reummler, Goldman's general counsel, exchanged friendly emails with late convicted sex offender Jeffrey Epstein that were released by House Democrats. Goldman says it's standing by the exec, and she hasn't commented. She previously said she "regrets ever knowing" Epstein. CNBC
Texas A&M limits discussion of gender and race in the classroom. The university's board of regents voted that no courses can "advocate race or gender ideology, or topics related to sexual orientation or gender identity" without the campus president's approval. New York Times
Maven is using AI to identify pregnancy risks like preeclampsia. The women's health unicorn is relying on population-level data which it says can use AI to spot risks and reduce costs for employers. FemTech Insider
Uber introduced a feature to match women with female drivers—and faces a lawsuit. Uber first debuted its women-only drivers option for passengers in Saudi Arabia. It was a top requested feature elsewhere especially due to longstanding problems with sexual assault and harassment on Uber rides, but male drivers in the U.S. Are now suing both Uber and Lyft for sex discrimination for limiting their economic opportunity by missing out on rides. Uber and Lyft haven't commented on the suit. Time
ON MY RADAR
No lovers on these covers: A new look in romance publishing New York Times
How Lady Gaga found herself again: 'I feel lucky to be alive' Rolling Stone
Julie Schott's crystal ball Bustle
PARTING WORDS
"I say, ‘I ain’t got time to get old!’ I ain’t got time to dwell on that. That’s not what I’m thinking about."
— Dolly Parton on turning 80 and emerging from her health challenges