Walmart CFO to step down in January 2023; company starts search for successor
The chief financial officer of Walmart Inc. plans to leave the company in early 2023.
The retail giant announced that executive VP and CFO Brett Biggs will step down on Jan. 31, 2023, after 22 years with the retailer. He will remain in the CFO role until a successor is named next year and then support the transition as an associate until he leaves the company on Jan. 31.
During the transition, Biggs will also continue to represent the company as a board member on Walmart’s fintech startup joint venture with Ribbit Capital.
The retailer said it will consider internal and external candidates before naming a successor.
Biggs has served as Walmart CFO since Dec. 31, 2015. In a statement, the company said he was leaving “to begin a new chapter of opportunities” in both the for-profit and non-profit sectors.
“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 Walmart president and CEO 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.”
“My time at Walmart these past 22 years has been incredible,” Biggs said. “It has been a privilege to work alongside Doug, 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 joined Walmart in 2000 and in his role 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. Previously, he held the roles of chief financial officer for Walmart International, Walmart U.S. and Sam’s Club. He has also served as senior vice president of international strategy, mergers and acquisitions, and as senior vice president of corporate finance. Biggs was also the senior vice president of operations for Sam’s Club.
Prior to joining Walmart in 2000, Biggs held various M&A and corporate finance positions with Leggett & Platt, Phillips Petroleum Co. and Price Waterhouse.