Walmart e-commerce chief Marc Lore resigns after beefing up digital arm of retailer

Brahm Buck

Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.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’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. 144.64 -2.33 -1.59%

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. 3,104.25 -23.22 -0.74%

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.

Next Post

The Primark items you can buy ONLINE while shops are closed

PRIMARK’S doors have been closed again, with weeks of lockdown ahead of us. But there’s a glimmer of hope for the chain’s super fans – as some cult items are being sold online. 9 Primark’s closed for lockdown 3.0 but you can buy some Disney, Harry Potter and vintage items […]