The Business Roundtable, a group that represents the most powerful companies in America, is naming Walmart President and CEO Doug McMillon as its new chairman.

McMillon succeeds JPMorgan Chase Chairman and CEO Jamie Dimon in the role. Dimon has served as chairman of the group since Jan. 1, 2017. He will continue to serve as a board member after completing his tenure as the group's chairman at year's end.

McMillon will serve as Business Roundtable chairman at the beginning of the new year, with a two-year term.

"As chairman, I commit to keeping Business Roundtable CEOs at the forefront of constructive public policy debates as we pursue an agenda of greater growth and opportunity for all Americans," McMillon said in a statement.