Money & The Economy

Walmart CFO Leaving as Company Prepares for Busy Holiday Season and Growing Supply Chain Issues

Walmart announced Monday that Executive Vice President and Chief Financial Officer Brett Biggs would leave the company after working over two decades at the world’s largest retail business.

Biggs, who joined Walmart in 2000, will remain chief financial officer (CFO) of the company until a successor is named, and he will assist with the transition, remaining as an associate until early 2023, the company said in a press release.

“Brett’s high character and strong leadership have played a central role during one of the most significant periods in the company’s history,” Walmart President and Chief Executive Officer Doug McMillon said in the press release.

“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,” McMillon added.

Biggs served as the company’s executive vice president and as CFO since December 2015. He previously held CFO positions for Walmart International, Walmart U.S. and Sam’s club.

“My time at Walmart these past 22 years has been incredible,” Biggs said in the press release. “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,” Biggs added.

Walmart saw higher than expected sales in the third quarter of 2021 after the company increased prices due to higher costs and consumers starting their holiday shopping earlier than usual. Additionally, the retailer reported an 11.5% increase in inventory despite growing supply shortages and supply chain backlogs.

Meanwhile, retailers brace for a busy holiday season amid growing supply chain issues and surging inflation.

U.S. consumer spending increased in October 1.3% compared to the previous month as households prepared for a busy shopping season with inflated prices and continuing supply chain issues, the Commerce Department said Wednesday. Additionally, although inflation is at a 30 year high, wages have steadily increased and jobless claims continue to drop, indicating a strengthening job market.

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