(Bloomberg) — Walmart Inc. said Chief Financial Officer Brett Biggs plans to step down by early 2023, ending a run of more than two decades with the retail giant.
Biggs, 53, will remain in the CFO role until a successor is named next year and then serve as an associate until Jan. 31, 2023, Walmart said Monday in a statement. He will stay on the board of the company’s fintech startup during the transition.
The move shakes up the C-suite at a busy time for the retail chain, which is grappling with supply-chain challenges, a labor shortage and inflation during the holiday season. Walmart also is trying to bolster its ambitions in finance and take on Amazon.com Inc. with a paid membership program.
“His contributions have been a key to the important steps we’ve taken to transform the company,” Chief Executive Officer Doug McMillon said in the statement.
Walmart fell 1% to $143.48 at 9:38 a.m. in New York. The stock rose less than 1% this year through Friday’s close, trailing the 22% gain in the S&P 500 Index and far behind the 40% surge of rival Target Corp.
Biggs, who joined Walmart in 2000, has been CFO since the end of 2015. After his departure from the company, he will “begin a new chapter of opportunities in both the for-profit and nonprofit sectors,” Walmart said.
The retailer said it would consider internal and external candidates to fill the CFO role.
(Updates shares in fifth paragraph)
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