WALMART announced on Monday that their Chief Financial Officer Brett Biggs would be resigning.
Longtime CFO of Walmart, Brett Biggs has been with the largest retail company in the world since the year 2000.
Why did Walmart's CFO resign?
Despite being a strong candidate to succeed current Walmart CEO Doug McMillon, Biggs is moving on from the company.
Walmart said on November 29, 2021 that the current CFO would be leaving to pursue other opportunities in the for-profit and nonprofit sectors.
Biggs, 53, will still be the CFO for sometime as he is not expected to leave the company until the end of January 2023.
His successor has not yet been named, when chosen Biggs will still assist in the transition.
Although he is moving on, Biggs is not cutting ties completely with Walmart.
He will remain a board member of Walmart's fintech startup joint venture with Ribbit Capital, the retailer said.
The joint venture aims to develop financial products for Walmart’s employees as well as customers.
How long was Brett Biggs CFO at Walmart?
Brett Biggs joined Walmart in 2000, having been with the company for over 20 years he has made many accomplishments with the company.
He did not become the CFO of Walmart however until December 2015.
Biggs other roles at the company included CFO for Walmart International, Walmart U.S. and Sam's Club.
Some of his work and investments as CFO includes raising worker's wages and streamlining its international operations to focus on China, Mexico and India, according to Rupesh Parikh, senior analyst for food, grocery and consumer products at Oppenheimer & Co., an investment bank.
Walmart is looking at mostly internal but also external candidates to replace Biggs.
Parikh said that Biggs and his successor will likely spend time focusing on assisting Walmart in assessing the impact of changing consumer habits resulting from the coronavirus pandemic.
The coronavirus pandemic has brought economic uncertainty globally.
Despite the pandemic's economic impacts Walmart still manages to report strong sales.
According to The Wall Street Journal, "Walmart earlier this month reported another quarter of strong sales despite supply-chain challenges."
"Its total revenue rose 4.3% to $140.5 billion in the quarter ended Oct. 31 from the prior-year period."
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