Yahoo Finance Walmart’s Marc Lore to Step Down From Retailer
Marc Lore is said to be stepping down from Walmart.
After more than four years at the retailer, which Lore joined when it purchased Jet.com, the e-commerce company he founded, he will be stepping down, according to an interview with Recode Friday. Walmart, which had purchased his company in 2016 for $3.3 billion, shut down Jet last year.
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Representatives for Walmart did not immediately comment late Friday.
Walmart executives have often credited the retailer’s swift and steady digital evolution in recent years in part to Lore’s expertise and the Jet.com acquisition.
Walmart chief executive officer Doug McMillon has often spotlighted Lore’s impact on the business.
In an earnings call with analysts last May, McMillon said that “the Jet acquisition was critical to jump-starting the progress we have made the last few years, not only have we picked up traction with pickup and delivery but our walmart.com nonfood e-commerce growth accelerated after the arrival of Marc and the [Jet team],” referring to Lore, who has held the title of president and CEO of Walmart U.S. e-commerce.
Lore is also seen as having helped to drive deal decisions to snap up other e-commerce retailers including Bonobos and Modcloth, and strategic moves to leverage its physical stores to expand customer services. Walmart has since sold Modcloth in 2019.
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