BENTONVILLE, AR - While one marketing giant is stepping down, another one is stepping up. Walmart has announced that its Chief Marketing Officer Stephen Quinn will be retiring, and former marketing chief of Target, Michael Francis, will be joining the company as a marketing consultant at the same time.

Quinn, who has been CMO of Walmart since 2007, will be officially retiring January 31, Walmart spokeswoman Deisha Barnett told Reuters. He led the company's rebranding efforts in 2008 and was responsible for the tagline - 'Save money. Live Better." 

As Francis steps in on January 1, the Wall Street Journal reports that his focus will be a broad revamp of the company’s marketing department. A source also told Nasdaq that he will likely work closely with Quinn's eventual successor. 

"I'm committed to building on the strength of that brand, and I couldn't be more excited about the opportunity," Francis said in a statement.

Francis served at Target for more than 26 years, reported Nasdaq, who then joined DreamWorks Animation SKG as the company's Chief Marketing Officer. Francis has also previously worked at J.C. Penney Co Inc , where he oversaw the retailer's marketing, merchandising, design, and global sourcing initiatives.

This isn’t the first executive shakeup Walmart CEO Doug McMillon has instigated in recent months either. In part of what analysts are calling his turnaround plan, McMillon recently announced that CFO Charles Holley would retire in 2015, and Steve Bratspies would become Chief Merchandising Officer. 

According to Nasdaq, Walmart executives say this move is in part a way to attract more middle and upper income households, a goal that Francis helped achieve while at Target.

For more on Walmart’s restructuring moves, check back with AndNowUKnow.

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