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Walmart veteran Biggs to step down as CFO next year

Kitco News

Nov 29 (Reuters) - Walmart Inc (WMT.N) said on Monday longtime executive Brett Biggs will step down from his role as the chief financial officer of the world's largest retailer next year.

Biggs, who has served as CFO since 2015, will remain in the role until a successor is named next year, Walmart said, adding that he will continue to represent the company as a board member of its fintech startup until January 2023.

The startup, a joint venture with investment firm Ribbit Capital, aims to develop financial products for Walmart's employees and customers.

Biggs helped oversee a period of rapid change for Walmart as the brick-and-mortar retailer launched and expanded a number of initiatives to boost its e-commerce business and a membership program to help fend off competition from Inc (AMZN.O).

Biggs who joined the company in 2000 held several finance positions within the firm, including CFO of the company's international division and U.S. business. He was also senior vice president of mergers and acquisitions.

During his tenure, Walmart made its biggest foreign investment with a $16 billion deal to buy a majority stake in Indian online marketplace Flipkart. In a bid to tackle competition from Amazon, Walmart has also beefed up its online business through deals to buy apparel retailers Modcloth and Bonobos.

Walmart said on Monday it was considering both internal and external candidates to replace Biggs as the company deals with the global supply chain crisis that has led to empty shelves and delayed deliveries.

Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli and Shounak Dasgupta
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