Walmart merchandising chief stepping down
Charles Redfield has worked for Walmart for 32 years
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Charles Redfield, a 32-year employee of Walmart and the company's chief merchandising officer, is leaving the retail giant after just more than a year in his current position.
Walmart U.S. president and CEO John Furner announced Redfield's departure in an internal memo to employees Friday that was viewed by FOX Business and first reported by The Wall Street Journal.
Walmart's profit forecast for this year fell short of analyst estimates, signaling more struggles for the world's largest retailer after it was hammered by a surge in inventory. (Dustin Chambers/Bloomberg via Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 90.44 | +2.04 | +2.31% |
Furner said Redfield will "begin a new chapter in June spending more time with family."
Redfield will step down as merchandising officer on May 1 and will stay on as an adviser. A new merchandising chief will be named at a later date, the memo stated.
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Redfield began working at Walmart as a cashier while attending college at the University of Arkansas. He worked his way up the ranks through a variety of leadership roles at Sam's Club and was named chief merchandising officer for Asda, Walmart's U.K. subsidiary, in 2010.
Walmart U.S. executive vice president and chief merchandising officer Charles Redfield is departing the company after 32 years.
He returned to the U.S. in 2012 to serve as executive vice president of merchandising at Sam's Club before becoming executive vice president of food for Walmart U.S. in 2015. He held that position until last year, when he assumed his current role.
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The leadership shakeup comes at a time when inflation is eroding consumer spending power, denting Walmart's business and prompting the retailer to take a cautious stance on 2023.
Shopping carts are seen outside a Walmart location on 2551 West Cermak Road in Chicago ahead of permanently closing this week. (Christopher Dilts/Bloomberg via Getty Images / Getty Images)
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At its investor meeting last week, Walmart said inflation continues to pressure its business, with shoppers buying more lower-margin groceries and cutting back on purchases of higher-margin items like clothing and home goods.
Reuters contributed to this report.