Publish date:

Walmart Hires American Express Executive to Run Walmart+

Walmart says Chris Cracchiolo is scheduled to begin on July 12.

Walmart  (WMT) - Get Walmart Inc. Report has hired an American Express  (AXP) - Get American Express Company Report executive to run its Walmart+ membership program.

Chris Cracchiolo, a senior executive who spent 19 years at the credit card company, will take over as senior vice president and general manager of Walmart+ on July 12, the company said.

He will replace David Echegoyen, who left last month to join a
private equity firm. Cracchiolo will report to the retailer's chief customer officer, Janey Whiteside, a fellow veteran of AmEx.

The company introduced Walmart+ in September to counter Amazon's  (AMZN) - Get Amazon.com, Inc. Report Prime plan. The service offers subscribers unlimited free delivery (including same-day deliveries on certain items), fuel discounts and no check out lines.

Walmart+ subscribers can also enjoy Scan & Go where they can use the Walmart app to scan their items and pay using Walmart Pay.

TheStreet Recommends

Walmart has declined to share information on membership or
sales for Walmart+. Morgan Stanley estimated it has nearly 12 million members, according to Bloomberg, but is growing “at a modest and somewhat inconsistent pace.”

Those members, though, spend “far more” at Walmart than other customers, according to Consumer Intelligence Research Partners.

Shares of the world's largest retailer were up slightly to $140.16 at last check.

CEO Doug McMillon said during an analysts call in May that with so much else going on at the company, the membership
program shouldn’t be “the primary focus at the moment."

Walmart recently said it will launch a private-label brand of analog insulin. In May, the company posted stronger-than-expected first-quarter earnings and boosted its full-year profit forecast.

Walmart said in April that it was taking a stake in Cruise, the autonomous-driving company that’s majority-owned by General Motors  (GM) - Get General Motors Company (GM) Report.

Walmart and Amazon are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells these stocks? Learn more now.