Marc Lore, the CEO of Walmart’s eCommerce business, plans to retire at the end of January.
Lore plans to stay on with the company through September in a consulting position, the company noted in its recent filing with the SEC.
Lore originally joined Walmart through the $3 billion acquisition of Jet.com in 2016. In his position as the head of the company’s eCommerce business, he helped the retailer reach double-digit sales just within the past three fiscal years (37 percent in fiscal 2020, 40 percent in fiscal 2019 and 44 percent in fiscal 2018). More recently, Lore was credited with helping Walmart improve its eCommerce sales by a stunning 79 percent in Q3 2020.
Lore leaves the company in a much more established place than when he entered. Today, Walmart is a prominent omnichannel player that offers key services such as buy online, pickup in-store (BOPIS), return/delivery hubs across its massive footprint of 4,756 U.S. stores. The company now also offers a subscription service called Walmart+, which stands to compete with Amazon Prime.
Walmart is also currently testing out doorstep delivery of groceries in temperature-controlled containers in an effort to better meet consumers’ increased demand for online grocery shopping.
While Amazon still continues to lead the eCommerce front, Walmart continues to see promising growth through its expansion efforts.