Walmart Announces Executive Vice President and Chief Financial Officer Brett Biggs to Step Down; Doug McMillon Comments
BENTONVILLE, AR - A transition is kicking off at Walmart as the big-box chain has revealed that its current Executive Vice President and Chief Financial Officer Brett Biggs will be stepping down this coming year. Having spent 22 years with the retailer, the Chief will be starting a new chapter in his career in both the for- and non-profit sectors.
“My time at Walmart these past 22 years has been incredible,” Biggs said. “It has been a privilege to work alongside Doug [McMillon], our leadership team, and the many talented individuals throughout the company and finance organization. Our company has never been stronger, and I believe we’re set up for continued success to serve customers and deliver a retail experience unlike any other company. 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. I want to thank Doug, the leadership team, the Walton family, and the Board of Directors for their tremendous support during my career.”
Biggs started at the retail chain in 2000, according to a press release, and as CFO is responsible for accounting and controls, corporate strategy and development, business planning and analysis, global procurement, internal audit, treasury, tax, and investor relations.
Prior to his current role, he held the position of Chief Financial Officer for Walmart International, Walmart U.S., and Sam’s Club. He also served as Senior Vice President of International Strategy, Mergers, and Acquisitions as well as Senior Vice President of Corporate Finance. Biggs was also the Senior Vice President of Operations for Sam’s Club.
Before joining Walmart, Biggs held various M&A and corporate finance positions with 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,” said President and Chief Executive Officer Doug McMillon. “His contributions have been a key to the important steps we’ve taken to transform the company on our omni journey. 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.”
As noted in the release, Biggs will remain in his CFO role until a successor is named in the coming year. He will then support the transition, staying on as an associate until he leaves the company on January 31, 2023. As part of the transition, Biggs will also continue to represent the company as a Board Member on Walmart’s FinTech startup joint venture with Ribbit Capital.
Walmart has announced it will consider internal and external candidates before naming a successor to the EVP and CFO role that Biggs has served in since December 31, 2015.
How will this transition impact Walmart’s financial strategy and future expansion? Stick with AndNowUKnow to find out.