Walmart CFO Brett Biggs Is Stepping Down

Walmart’s longtime corporate finance executive Brett Biggs is stepping down from his position as the company’s CFO, the retailing giant revealed on Monday.

Biggs, who has held the top finance post since 2015, will stay in the role until Walmart finds a successor. He will then assist with the transition and plans to leave the company at the end of January 2023. Through the transition, Biggs will also remain a board member of Walmart’s fintech startup, a joint venture with Ribbit Capital.

Walmart said it would consider internal and external candidates to replace Biggs.

As CFO, Biggs was responsible for accounting and controls, corporate strategy and development, business planning and analysis, global procurement, internal audit, treasury, tax, and investor relations.

Biggs joined Walmart in 2000 and subsequently held chief financial officer positions for Walmart International, Walmart U.S., and Sam’s Club. He also served as senior vice president of international strategy, mergers, and acquisitions; senior vice president of corporate finance; and senior vice president of operations for Sam’s Club.

Before joining Walmart, Biggs was assistant director of mergers and acquisitions at Leggett & Platt and an auditor at Price Waterhouse.

“Given the tremendous positioning and momentum of the company, now felt like the right time to transition to the next chapter in my personal and professional life,” Biggs said in the news release.

In its third-quarter earnings release, Walmart reported net income of $3.11 billion, or $1.11 per share, down from $5.14 billion, or $1.80 per share, in the prior year. Revenue of $140.53 billion was up from $134.71 billion last year and beat the FactSet consensus of $135.43 billion. U.S. e-commerce sales were up 8% year-over-year.

FinTech, retail, Ribbit Capital, walmart