Walmart's longtime CFO to depart
American retail giant Walmart Inc. announced on Monday that executive vice president and chief financial officer Brett Biggs will be leaving after 22 years with the company.
According to the retailer, Biggs will step down from his position as CFO during the upcoming year, in order “to begin a new chapter of opportunities in both the for-profit and non-profit sectors.”
The executive will remain in his role until a successor has been found and will stay on at the company as an associate until January 31, 2023, during which time he will support the new CFO’s transition into the position. As part of the transition, Biggs will also continue to represent Walmart as a board member on the company’s FinTech startup joint venture with Ribbit Capital.
Walmart said that it would consider both internal and external candidates in its search for a new CFO.
Biggs first joined Walmart in 2000 and has served as EVP and CFO since December 31, 2015. In this role he has held responsibility for the company’s accounting and controls, corporate strategy and development, business planning and analysis, global procurement, internal audit, treasury, tax and investor relations.
Prior to this, the executive served as chief financial officer for Walmart International and Walmart U.S., as well as for the company’s retail warehouse club chain, Sam’s Club. His other previous roles at the company have included SVP of international strategy, mergers and acquisitions, SVP of corporate finance, and SVP of operations for Sam’s Club.
Before joining Walmart, Biggs worked in a range of different M&A and corporate finance roles at companies including Leggett & Platt, Phillips Petroleum Co., and Price Waterhouse.
“Brett’s high character and strong leadership have played a central role during one of the most significant periods in the company’s history. His contributions have been a key to the important steps we’ve taken to transform the company on our omni journey,” said Walmart president and CEO Doug McMillon in a release.
“Brett has elevated the finance organization and strengthened the team through his commitment to excellence and talent development. We are fortunate to have benefited from his talents, and we appreciate everything he’s done for the company during his career,” concluded the CEO.
Commenting on his decision to leave Walmart, Biggs said, “Given the tremendous positioning and momentum of the company, now felt like the right time.”
In the third quarter ended October 31, 2021, Walmart achieved sales of $140.5 billion, representing a year-over-year increase of 4.2%. The company reported annual revenue of $559 billion in its last fiscal year and currently operates approximately 10,500 stores and clubs in 24 countries.
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