CEO Profile: Doug McMillon, Wal-Mart
Doug McMillon is an American businessman and the president and CEO of Wal-Mart Stores Inc. He first joined the company in high school as a summer associate and now sits on the retailer’s board of directors. He also led the company’s Sam’s Club division from 2005 to 2009 and Walmart International from 2009 to 2013. He became the company’s fifth CEO in 2014.
Doug McMillon has worked for Wal-Mart throughout his whole career, first starting in 1984 as a teenager, unloading trucks in a distribution centre. Once he finished high school McMillon went on to study the master of business administration course at the University of Tulsa. After completing his studies, he went back to Wal-Mart to work as a buyer, joining its buyer-training program. He started out being in charge of buying fishing tackle, and then went on to have various roles dealing in food, clothes, crafts and furnishings. He then went on to work as a general merchandise manager for Walmart’s wholesale store division Sam’s Club before taking an executive role overseeing toys, electronics and sporting goods.
Walmart promoted Doug McMillon to president and CEO of Sam’s Club on 4th August 2005. During his time in the role, McMillon emphasized marketing to small business customers in an attempt to compete with Costco Wholesale.
McMillon became head of Walmart’s international sales in February 2009, replacing Mike Duke when he was promoted to CEO of Wal-Mart Stores Inc. When Doug McMillon was in charge of international sales, he focused on improving in existing markets such as Canada, China, United Kingdom and America. During his time in the role, Walmart International’s sales growth outpaced Walmart US, and grew to 29 percent of total sales companywide. When McMillon was first promoted to the role, international sales had more than 3,300 stores in 14 countries. When he left the role, it operated 6,300 stores in 26 countries.
On the 25th November 2013, Walmart announced that Doug McMillon would immediately join the company’s board of directors and would replace Mike Duke as Walmart CEO on February 1st 2014, becoming the fifth chief executive.
When McMillon took the role, Walmart was suffering slow growth and increased competition from rivals such as Costco and Amazon.com, as well as small stores like Family Dollar and Dollar General. Within his first two years in the role, McMillon raised wage for hourly workers in the US and revamped the executive team.
In February 2015, Doug McMillon announced Walmart would invest an additional US$2.7 billion in higher associate wages, benefits and training, raising its lowest wage to $9 an hour in 2015 and $10 in 2016, In January 2016, McMillon announced raises for the majority of its workers, free basic short-term disability for full-time workers and a revised paid time off program.
Forbes named Doug McMillon to its World’s Most Powerful People list in 2014 and 2015, where he ranked No.29 and No.32 respectively. ExecRank ranked McMillon No.4 on its 2015 list of top CEOs for large companies.
G7 Summit guide: What it is and what leaders hope to achieve
Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration.
Who are the G7?
The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like.
The merry band comprises:
- The United Kingdom
- The United States
Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.
Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda.
When was the ‘G’ formed?
Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s.
Why does the G7 exist?
At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted.
The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability.
It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations.
Where is the 2021 G7 summit?
This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall.
What will be discussed this year?
After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”
The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values.
According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.”