Walmart Inc.’s chief US merchandising officer, Charles Redfield, is exiting after a little more than a year in the job as the world’s largest retailer faces slowing economic growth.
(Bloomberg) — Walmart Inc.’s chief US merchandising officer, Charles Redfield, is exiting after a little more than a year in the job as the world’s largest retailer faces slowing economic growth.
Starting May 1, Redfield will “focus on transitioning his work and supporting the US business in an advisory role,” John Furner, the head of Walmart’s sprawling US business, said in a memo to employees Friday. A successor will be named soon, Furner said.
Redfield is stepping down after a year of rapidly shifting consumer demand as surging US inflation forces shoppers to spend more on basic goods. This saddled Walmart and competitors with bloated inventories of relatively unwanted goods in areas such as home furnishings and apparel. The company marked down some prices as a result, weighing on profit.
In February, Walmart issued a cautious outlook for its current fiscal year, with comparable sales expected to slow.
Furner praised Redfield’s career, which began 32 years ago as a cashier at Sam’s Club while in college. He later rose to leadership roles at Sam’s Club and Asda, Walmart’s former UK subsidiary. Redfield took the reins as Walmart’s chief merchandising officer in January 2022.
Walmart fell less than 1% at 12:45 p.m. in New York.
His departure was reported earlier by the Wall Street Journal.
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