Global consumer giants see major CEO changes

Leading consumer goods and retail companies around the world are reshuffling their top leadership as they face tariff pressures, slowing consumer spending, and the need to adapt to digital transformation and supply chain challenges.

The past year has seen a wave of CEO changes among major firms, reflecting both strategic recalibration and governance issues. Boards are seeking leaders capable of steering through economic uncertainty, rising costs, and shifting consumer behavior, while also driving innovation and efficiency.

Walmart announced that CEO Doug McMillon will retire in January 2026 and be succeeded by John Furner, who currently leads Walmart U.S. McMillon had headed the company since 2014, overseeing digital growth and supply chain modernization. The announcement caused Walmart shares to fall by 2–3% as investors weighed the leadership transition.

Nestlé replaced Laurent Freixe with Philipp Navratil after Freixe was dismissed for violating company conduct rules. Nestlé’s shares dipped about 0.8% following the change, reflecting investor caution over the abrupt executive shift. Target named Michael Fiddelke as its new CEO to replace Brian Cornell, while Procter & Gamble announced that Jon Moeller will step down, with COO Shailesh Jejurikar taking over.

Other notable changes include Debra Crew stepping down at Diageo, Thibaut Mongon being replaced at Kenvue, Priya Nair taking the helm at Hindustan Unilever, and Kirk Tanner becoming CEO at Hershey.

These leadership transitions illustrate a broader trend of corporate boards responding to a mix of market pressures, governance issues, and strategic imperatives. Investor reactions have generally been cautious, with share prices reflecting uncertainty about execution under new management, but analysts note that new CEOs also present opportunities for companies to accelerate transformation and restore growth.