Walmart e-commerce chief Marc Lore resigns after beefing up digital arm of retailer
Lore joined Walmart in 2016 after the big-box retailer bought e-commerce website Jet.com
Walmart’s e-commerce chief Marc Lore is stepping down from his role at the retailer at the end of January, the company announced in a filing on Friday.
Shares opened lower.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 92.50 | +0.62 | +0.67% |
Lore, who was the point in fending off competition from rivals such as Amazon, joined Walmart in 2016 after the big-box retailer bought e-commerce website Jet.com, which he founded, for $3.3 billion. Prior to Jet.com, Lore founded and led other e-commerce and Internet companies, including Quidsi and The Pit, Inc.
He was responsible for several strategic online acquisitions including Bonobos and Moosejaw to name a few. The goal, when he joined, was to ramp up Walmart's online business quickly which had lagged rivals.
In the third quarter, e-commerce sales jumped 79%. The e-commerce business will report to John Furner, Executive Vice President, President and Chief Executive Officer, Walmart U.S. following Lore's exit. The company tells FOX Business, Furner and Lore have worked in tandem, so "no additional structural changes are needed at this point."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 207.89 | +2.15 | +1.05% |
Lore will continue to serve as a strategic adviser to Walmart through September.
As for his next move, he hinted to ReCode that he will help build "a city of the future" which will incorporate a "reformed version of capitalism" while declining to elaborate.