The retail CEO changes we’re watching this year

Last year’s slew of CEO changes means many retailers and CPGs are starting off the year preparing for major leadership transitions...or hoping to finally end their ongoing executive searches. Here are the chief exec changes we’re keeping an eye on this year:

CEOs we already know

Walmart CEO Doug McMillon is retiring after 12 years leading the big box retailer, with Walmart US CEO John Furner taking over as chief exec on February 1. Furner will look to continue Walmart’s current momentum: The retailer’s latest quarterly earnings exceeded analyst expectations, highlighted by strong grocery and health and wellness sales and a booming ecommerce presence. One of Furner’s biggest tasks ahead will be leading Walmart further into its AI era.

Target’s new COO Michael Fiddelke will also assume his new role as CEO in February as Brian Cornell shifts to executive chair. Fiddelke faces an uphill battle after a decidedly off-target (pun intended) year for the retailer that saw continuing foot traffic declines and falling comp sales as consumers pull back spend on discretionary goods.

The Coca-Cola Company’s new CEO Henrique Braun will step into his role on March 31, as nine-year CEO James Quincey moves to become executive chair. Braun, who joined Coca-Cola in 1996 and has served as COO for the last year, will take the helm as the beverage giant continues to outperform its rival, PepsiCo, in a tricky CPG environment, thanks in part to popularity of its zero-sugar drinks.

CEOs that are TBD

Coty faced a management shake-up in late December when controlling shareholder JAB Holdings reportedly pushed for the exits of chair Peter Harf and five-year CEO Sue Nabi. The company had an underwhelming 2025, launching a review of its mass beauty business in September that could mean the sale of CoverGirl and Rimmel, and losing its license to make Gucci fragrances to L’Oréal in 2028.

On December 22, Coty announced Procter & Gamble vet Markus Strobel, who was most recently head of P&G’s global skin and personal care business, will become its executive chair and interim CEO starting January 1. The company didn’t share its plans for naming a permanent chief exec.

Kroger is still looking for its next leader after 11-year CEO Rodney McMullen suddenly resigned in March. Interim CEO Ronald Sargent said in December the new chief exec, whom it aims to announce in Q1, will be an external hire, the first in the grocer’s 143-year history. Sargent said Kroger is looking for a candidate with “a deep understanding of retail transformation” who is “very close to the customer.”

Lululemon is still on the hunt for a replacement for CEO Calvin McDonald, who will exit his role on January 31 after leading the activewear brand since 2018. The Wall Street Journal reported in December that activist investor Elliott Investment Management, which now has a $1 billion stake in Lululemon, has its sights on former Ralph Lauren CFO and COO Jane Nielsen as his successor.

7-Eleven’s CEO Joseph DePinto retired at the end of 2025 after 20+ years leading the convenience chain. President Stan Reynolds and COO Douglas Rosencrans filled the role as co-CEOs on an interim basis while its board of directors searches for DePinto’s successor.

L.L. Bean’s President and CEO Stephen Smith will depart his role in the spring after a decade leading the outerwear and apparel maker. Smith told CNBC in November L.L. Bean was “cautiously optimistic” about its holiday performance after a “volatile year” in consumer goods.

Keurig Dr Pepper is still searching for a CEO to lead its coffee business, after announcing its plan to buy JDE Peet’s in September and split into two companies. While CFO Sudhanshu Priyadarshi was originally slated to fill the role, CEO Timothy Cofer said in October that the new leader will be shared closer to the company’s split.