Walmart CFO Brett Biggs to step down, pursue for-profit

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Walmart CFO Brett Biggs to step down, pursue for-profit

Walmart is looking for a new chief financial officer, as current CFO Brett Biggs has announced plans to step down from the role to pursue opportunities in the for-profit and nonprofit sectors.

Biggs, who has been with Walmart for 22 years and has been with the executive vice president and CFO since December 2015, will continue his role until a successor is named next year and will support the transition until his official departure on January 31, 2023. Before naming a successor, Walmart said it would consider internal and external candidates.

As part of the transition, Biggs will continue to represent the company as a board member on Walmart's fintech startup joint venture with Ribbit Capital.

Biggs said in a statement that the company has never been stronger, and I believe that we are set up for continued success to serve customers and deliver a retail experience unlike any other company. It felt like the right time to transition to the next chapter in my personal and professional life, given the tremendous positioning and momentum of the company. During his tenure at Walmart, Biggs served as chief financial officer for Walmart International, Walmart U.S. and Sam s Club, senior vice president of Sam s Club operations and senior vice president of international strategy and mergers and acquisitions. Before joining Walmart in 2000, Biggs held various merger and acquisition and corporate finance positions with Price Waterhouse, Phillips Petroleum Co. and Leggett Platt.

Walmart CEO Doug McMillon said Biggs'high character and strong leadership have played a central role during one of the most significant periods in the company's history. McMillon said that his contributions have been a key to the important steps we have taken to transform the company on our omni journey. Brett has strengthened the team through his commitment to excellence and talent development. We are fortunate to have benefited from his talents and appreciate everything he has done for the company during his career. Walmart reported a total revenue of $140.5 billion, up 4.3% compared to last year, despite supply chain challenges. Net income fell to $3.1 billion from $5.1 billion a year ago.

As part of his retirement agreement, Biggs will receive his annualized $1 million base salary until his official retirement date. He will not be eligible to earn any cash incentive under Walmart's management incentive plan or any future equity awards under its stock incentive plan during the transition period.

He will receive payments totaling $2 million over a two-year period, subject to Biggs' compliance with the terms and conditions of the agreement. As of the retirement date, Walmart is going to increase the issuance of 6,800 restricted shares of the company's common stock held by Biggs.