Biggs will remain in the role until a successor is named in 2022 and will continue to represent the company as a board member of its fintech start-up until January 2023Walmart said on Monday its long-serving executive Brett Biggs will step down from his role as CFO of the world’s largest retailer next year.
Walmart made its biggest overseas investment in 2018 with a $16bn deal to buy a majority stake in Indian online marketplace Flipkart, and beefed up its US e-commerce business through the purchase of apparel retailers Modcloth and Bonobos. “Bret Biggs was a candidate to ultimately succeed Doug McMillon as CEO, given his long tenure at the company and broad experience across business units and functions outside finance,” said Jason Benowitz, senior portfolio manager at Roosevelt Investment Group.Walmart’s shares were down 1% in late morning trade in New York.
Biggs will remain in the role until a successor is named next year, Walmart said, adding he will continue to represent the company as a board member of its fintech start-up until January 2023.