Wal-Mart names John Furner as Sam's Club next CEO

Markets Associated Press

Wal-Mart says it named John Furner as CEO of its Sam's Club stores to replace Rosalind Brewer, who is retiring next month.

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Furner, who is 42, will head the membership-only warehouse chain next month. Furner has been Sam's Club's chief merchandising officer since October 2015. Wal-Mart says he first joined the company as an hourly store associate in 1993.

Brewer will leave her position February 1. The 54-year-old has been CEO of Sam's Club for five years and has had a variety of executive roles since joining the company about 11 years ago.

Shares of Wal-Mart Stores Inc., based in Bentonville, Arkansas, slipped 86 cents, or 1.2 percent, to $68.37 in morning trading Friday.