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Posted 29 November, 2021

Walmart Inc. appointed new CEO

CEO Change detected for ticker NYSE:WMT in a 8-K filed on 29 November, 2021.


  On November 26, 2021, M. Brett Biggs, age 53, the Company's Executive Vice President and Chief Financial Officer, notified Walmart Inc. (the "Company") of his intent to retire as the Company's Executive Vice President and Chief Financial Officer, to take effect upon the eventual identification and appointment of a successor to such position (the "Effective Date"). Beginning on the Effective Date, Mr. Biggs will continue to be employed by the Company and serve as an Executive Vice President of the Company in a transitional role reporting to the Company's President and Chief Executive Officer until January 31, 2023, at which time his employment with the Company will end (the "Retirement Date").  

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Overview of Walmart Inc.
Retail/Wholesale • Mixed Retailing
Walmart, Inc. engages in the retail and wholesale business. The company offers an assortment of merchandise and services at everyday low prices. It operates through the following business segments: Walmart U.S., Walmart International, and Sam's Club. The Walmart U.S. segment operates as a mass merchandiser of consumer products, operating under the Walmart and Walmart Neighborhood Market brands, including walmart.com. The Walmart International segment includes operations of wholly-owned subsidiaries in Canada, Chile, China, and Africa, and majority-owned subsidiaries in India, as well as Mexico and Central America. The Sam's Club segment manages membership-only warehouse clubs and operates samsclub.com. The company was founded by Samuel Moore Walton and James Lawrence Walton on July 2, 1962 and is headquartered in Bentonville, AR.
Market Cap
$771B
View Company Details
Walmart Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 26, 2021, M. Brett Biggs, age 53, the Company's Executive Vice President and Chief Financial Officer, notified Walmart Inc. (the "Company") of his intent to retire as the Company's Executive Vice President and Chief Financial Officer, to take effect upon the eventual identification and appointment of a successor to such position (the "Effective Date"). Beginning on the Effective Date, Mr. Biggs will continue to be employed by the Company and serve as an Executive Vice President of the Company in a transitional role reporting to the Company's President and Chief Executive Officer until January 31, 2023, at which time his employment with the Company will end (the "Retirement Date"). Mr. Biggs has served as the Company's Executive Vice President and Chief Financial Officer since December 2015. Prior to his current role, Mr. Biggs served in a variety of capacities since joining the Company in 2000, including as Chief Financial Officer of Walmart U.S. and Chief Financial Officer of Sam's Club; Senior Vice President Sam's Club Operations, and Senior Vice President, International Strategy and Mergers and Acquisitions.

The Company issued a press release on November 29, 2021 announcing Mr. Biggs' eventual retirement, a copy of which is furnished as Exhibit 99.1 to this report.

In connection with his notice of intent to retire, on November 29, 2021, the Company and Mr. Biggs entered into a Retirement Agreement (the "Agreement"). The Agreement is attached as Exhibit 10.1 and incorporated herein by reference. Under the Agreement, Mr. Biggs will continue in his current role until the Effective Date, at which time he will continue as an Executive Vice President in a transitional role until the Retirement Date. From the Effective Date until the Retirement Date (the "Transitional Period"), Mr. Biggs will continue to receive his annualized base salary of $1,000,000. During the Transitional Period, Mr. Biggs will not be eligible to earn an annual cash incentive under the Company's Management Incentive Plan. Under the Agreement, Mr. Biggs will not be eligible to receive any future equity awards under the Company's Stock Incentive Plan. 

Subject to compliance with the terms and conditions of the Agreement, Mr. Biggs will receive payments totaling $2,000,000 to be paid over a two-year period following the Retirement Date. In addition, the Company will accelerate the vesting of 6,800 restricted shares of the Company's common stock, par value $0.10, held by Mr. Biggs as of the Retirement Date. The Agreement also prohibits Mr. Biggs, for a period of two years following the Retirement Date, from competing with the Company and from soliciting the Company's associates for employment.