Matthew Waller, dean emeritus for the Sam M. Walton College of Business, and Adam Stoverink, executive director of the Walton MBA programs, are co-teaching Leadership & Organizational Behavior this fall to Walton MBA and Executive MBA students.
During the second week of classes, Waller interviewed the president and chief executive officer of the world’s largest retailer about leadership. Waller chatted with Doug McMillon at Walmart’s new home office with students in attendance.
Five leadership themes stood out:
- Anchor in Purpose and Values, Change Everything Else
- Practice Servant Leadership Through Daily Actions
- Lead with Humility, Gratitude, and Vulnerability
- Embrace Risk, Learn from Failure, and Enable Others
- Serve Boldly in Crisis and Prioritize the Long-Term
Students were encouraged to ask questions – and they did. At the end of the chat, they left with practical examples of how to apply these leadership themes to their professional careers.
“I was struck by the reminder that true leadership is not about titles or positions, but about serving others first, a principle that defines Walmart’s culture at every level. Listening to Doug felt personal because it reminded me of a principle he and Sam Walton shared: when you put people first, everything else falls into place,” said Emily Martin, a merchant at Sam’s Club and EMBA student. “Leadership, he reminded us, isn’t about the spotlight; it’s about lifting others up so they can succeed.”
“One of the biggest takeaways for me was Doug’s point that while strategies, technologies, and even business models will change, values should remain constant” she added. “Circumstances shift, markets evolve, and challenges come and go, but values like respect, service, and integrity anchor us. For Walmart, these values mean often competing with technology but always ‘winning with people.’ For me, it’s a reminder that leadership is about consistently showing up to serve others, no matter the situation.”
Reagan Price, a strategic sales intern at Mars Petcare and Walton MBA student, noted that McMillon spoke “consistently with humility and care, grounding every story in Walmart’s culture, crafted seven decades ago by founder Sam Walton.”
That culture solidifies Walmart’s purpose of everyday low prices and its values of focusing on people holding true through the years, while technology and economics may change.
“In this fireside chat, one theme that resonated deeply with me was how Walmart is an ‘and’ company. Doug acknowledged how challenging it is to be both a brick ‘and’ mortar retailer, an in-store ‘and’ e-commerce player, and a human-centered ‘and’ technology-focused firm. Despite these challenges, this is exactly what makes Walmart the powerful player it is today. Its willingness to evolve and serve the consumers of today, and tomorrow,” Price said. “Doug also connected this sentiment to the role of emerging technologies like agentic AI, tools that can improve lives at scale, not just for customers shopping online or associates working in stores, but for people everywhere. This is something that continuously impresses me: Walmart's ability to change lives for those far beyond Northwest Arkansas.”
“At the end of the day, Walmart's purpose, helping people save money and live better, remains constant, but the way the company continues to achieve it evolves through innovation, technology, and above all, its associates,” Price added.
Other students walked away with similar thoughts about successful leaders.
“What resonated with me most was his emphasis that, as you grow in your career, you reach a point where confidence comes from being deeply informed. For us, that means doing the research, listening, and truly understanding our customers so the decisions we make are the right ones for them," said Andrew Davis, a manager of supplier experience for Sam's Club and EMBA student.
“One thing I took away is how much of leadership is about focus. There’s so much change and noise, but he talked about being able to tune things out and come back to what matters most,” Gabriel Hershewe, an executive technology specialist for ELC Capital and EMBA student, added. “What I found useful was how he linked mistakes to learning. The way he talked about being forgiven for early errors made me think differently about how to handle failure.”
“A few things stuck with me: our purpose, values, and culture stay the same, but everything else can (and should) change to keep serving customers better. As he said, the only thing constant in retail is change,” said Madison Bigelow Bolaños, manager of associates in critical need trust and EMBA student. “I feel the basics are so often forgotten – price, assortment, and convenience. It inspired me that it’s on us to deliver that better than anyone else.”
Delivering the basics – values, servant leadership, humility, embracing risk and serving boldly – helps to create a successful, strong leader. Values do not change. Circumstances do.
Special thanks to Emily Martin and Reagan Price for their assistance in gathering student quotes for this article.
