Walmart is searching for a new CFO, as current boss Judith McKenna departs from the company. Walmart CEO Doug McMillon revealed that they are looking “outside” to find someone who can help them navigate their business through digital disruption and into the next phase of growth.
The “walmart board of directors” is a group of people that Walmart executives will be interviewing for the position of finance chief.
Walmart Inc. is looking for a new chief financial officer after Biggs, Brett, the company’s 22-year veteran, announced his intention to step down in early 2023.
Mr. Biggs, 53, plans to depart on January 31, 2023, to seek other possibilities in the for-profit and nonprofit sectors, according to Walmart. He will stay on as CFO until his replacement is found, and he wants to help with the transition until he leaves, according to the store. Mr. Biggs will continue to serve on the board of Walmart’s fintech startup joint venture with Ribbit Capital, according to the company.
The firm, located in Bentonville, Ark., said it would examine both internal and external applicants for the CFO position.
Photo courtesy of Walmart
Mr. Biggs has been the CFO of Walmart since December 31, 2015. He formerly worked at Walmart International, Walmart U.S., and Sam’s Club as CFO.
According to Rupesh Parikh, senior analyst for food, grocery, and consumer goods at Oppenheimer & Co., Mr. Biggs made numerous major investments as Walmart’s CFO, including improving employees’ pay and restructuring the company’s foreign operations to concentrate on China, Mexico, and India.
Mr. Biggs and, perhaps, his successor will spend the next year assisting Walmart in assessing the effect of shifting customer preferences and the economic uncertainties caused by the coronavirus outbreak, according to Mr. Parikh. Mr. Biggs’ replacement may also assist grow sales and profitability by expanding business areas such as healthcare and digital advertising, according to Mr. Parikh. “Today, Walmart has a lot more growth prospects than it had a few years ago,” the analyst added.
Despite supply-chain issues, Walmart announced another quarter of solid sales earlier this month. Its overall sales increased 4.3 percent year over year to $140.5 billion in the quarter ended Oct. 31. The company’s net income decreased to $3.1 billion from $5.1 billion the year before, despite a gain on investments.
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“Brett’s strong character and leadership have played a crucial role throughout one of the most pivotal moments in the company’s history,” said Doug McMillon, president and chief executive of Walmart. “Brett’s dedication to excellence and talent development has raised the finance organization and strengthened the team.”
Mr. Biggs will continue to receive his $1 million yearly basic pay throughout the changeover period. During that time, he will not be eligible for an annual cash incentive or any future equity rewards. Mr. Biggs will get $2 million in installments over the next two years when he leaves the firm. Walmart also announced that the vesting of 6,800 restricted shares of common stock that Mr. Biggs would possess at the time of his retirement will be accelerated.
Beyond the company’s announcement and regulatory filing, a Walmart spokesman refused to comment.
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Walmart is planning to search for a new finance chief. The company will be searching for someone who has experience in the field of banking and investments. Walmart’s current finance chief, Brett Biggs, announced that he would retire from his position on July 25th. Reference: brett biggs wife.
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