Walmart (WMT) - Get Walmart Inc. Report said Monday that Chief Financial Officer Brett Biggs is leaving after 22 years with the world's largest retailer "to begin a new chapter of opportunities in both the for-profit and nonprofit sectors."
Biggs has been executive vice president and CFO since 2015. He will stay on as CFO until a successor is named next year and remain an associate until he leaves the Bentonville, Ark., company on Jan. 31, 2023, Walmart said in a statement.
The retailer's shares at last check were down 1% to $143.58.
As part of the transition, he will also continue as a board member on Walmart’s FinTech startup joint venture with Ribbit Capital.
Walmart said it wouldl consider internal and external candidates before naming a successor.
"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 a statement. "I want to thank Doug, the leadership team, the Walton family and the board of directors for their tremendous support during my career.”
Doug McMillon, president and CEO, said "Brett has elevated the finance organization and strengthened the team through his commitment to excellence and talent development."
Biggs joined Walmart in 2000 and has been CFO for Walmart International, Walmart U.S. and Sam’s Club.
He was also senior vice president of international strategy, mergers and acquisitions, and senior vice president of corporate finance, as well as the senior vice president of operations for Sam’s Club.
Prior to joining Walmart in 2000, Biggs held various M&A and corporate finance positions with Leggett & Platt, Phillips Petroleum Co. and Price Waterhouse.
Earlier this month, Walmart posted stronger-than-expected third-quarter earnings and raised its full-year profit forecast