WALMART TO NAME NEW CFO NEXT YEAR AS INCUMBENT DEPARTS IN 2023
The world’s biggest retailer is set to lose its chief financial officer Brett Biggs, at the end of January 2023 after seven years in the role.
The announcement, over a year ahead of the departure, gives Walmart plenty of time to find a successor and to give markets confidence that there will be an orderly transition. Biggs, who has been with the US giant for 22 years in all, will remain in the CFO role until a successor is named next year and he will also continue to represent the company as a board member on Walmart’s fintech startup joint venture with Ribbit Capital.
Walmart is the biggest food retailer in the US, with 2020 grocery sales of $341 billion from more than 4,700 stores. The company will be considering internal and external candidates for the CFO role before naming a successor. Biggs commented: “Walmart has never been stronger, and I believe we’re set up for continued success to deliver a retail experience unlike any other company.”
Big shoes to fill
In a tribute, CEO Doug McMillon, said: “Brett has played a central role during one of the most significant periods in our history. His contributions have been a key to the important steps we’ve taken to transform the company on our omni journey.”
Before becoming CFO, Biggs has previously held the roles of CFO for the company’s international business, Walmart U.S. and Sam’s Club. He has also served as senior vice president of international strategy, mergers and acquisitions, and senior vice president of corporate finance.
Globally, Walmart has 10,500 stores and clubs under 48 banners in 24 countries and each week, the company serves approximately 220 million customers. Fiscal year 2021 revenue hit $559 billion.