We analyze random walks on a class of semigroups called ``left-regular
bands''. These walks include the hyperplane chamber walks of Bidigare, Hanlon,
and Rockmore. Using methods of ring theory, we show that the transition
matrices are diagonalizable and we calculate the eigenvalues and
multiplicities. The methods lead to explicit formulas for the projections onto
the eigenspaces. As examples of these semigroup walks, we construct a random
walk on the maximal chains of any distributive lattice, as well as two random
walks associated with any matroid. The examples include a q-analogue of the
Tsetlin library. The multiplicities of the eigenvalues in the matroid walks are
``generalized derangement numbers'', which may be of independent interest.Comment: To appear in J. Theoret. Proba