Walmart head of U.S. online business to step down

Reuters
·1 min read
FILE PHOTO: The outbreak of the coronavirus disease (COVID-19) in Rosemead

(Reuters) - Walmart Inc said on Friday its chief executive for e-commerce operations in the United States, Marc Lore, will step down at the end of the month.

Under Lore's watch, the big-box retailer launched same-day delivery and store pick-up services, as well as an Amazon Prime rivaling membership program to take on the e-commerce giant in its own game.

His exit comes at a time when the COVID-19 pandemic has heated up the online shopping business, as customers turn to websites and apps to avoid the risks of visiting stores.

Lore joined Walmart in 2016 when it bought Jet.com, an online retailer that he co-founded, to bolster its e-commerce push.

As part of the deal, he received $88 million in cash in fiscal 2020 out of a total $477 million that Walmart agreed to pay him for his stake in Jet.com, according to a regulatory filing last year.

Over a five-year period, he will also get an equity stake of 3.6 million restricted shares. Lore will serve in a consulting role with Walmart through September, the company said.

Walmart, which combined its store and e-commerce teams last year, said the U.S. omni-channel business will report to U.S CEO John Furner from the start of the next month.

(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli and Arun Koyyur)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Macron outlines his vision for Europe to become an assertive global power as war in Ukraine rages on

    PARIS (AP) — French President Emmanuel Macron warned Thursday that Europe could “die” if it fails to build its own robust defense as Russia’s war in Ukraine rages on, or if it fails to undertake major trade and economic reforms to compete with China and the U.S. Macron urged Europeans to become more ambitious in a fast-changing world to face the challenges of war, fierce trade competition, energy scarcity, climate change and increasing authoritarianism. In a nearly two-hour speech at Sorbonne Un

  • Emmerdale's Amy Walsh shares "downside" to soap role

    Emmerdale star Amy Walsh has reflected on the hardest part of her job, admitting she's been struggling living away from her family.

  • Humza Yousaf in peril as Greens say they will back no confidence motion

    Former coalition partners’ decision brings Scottish first minister to brink of losing vote, which could make his position untenable

  • Logik dual air fryer reduced to just £44.99 with rare discount code

    Smart, energy efficient and much cheaper than its competitors at Ninja and Tefal, this air fryer is now more than 50% off.

  • Thermo Fisher Scientific Inc. (NYSE:TMO) Q1 2024 Earnings Call Transcript

    Thermo Fisher Scientific Inc. (NYSE:TMO) Q1 2024 Earnings Call Transcript April 24, 2024 Thermo Fisher Scientific Inc. beats earnings expectations. Reported EPS is $5.67, expectations were $4.7. Operator: Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2024 First Quarter Conference Call. My name is Angela, and I’ll be coordinating your call […]

  • The Co-op Live catastrophe: how the opening of Manchester’s ‘ultimate arena’ descended into farce

    The boss of Europe’s largest indoor concert arena, Co-op Live in Manchester, has resigned during the venue’s opening week just days after saying that some small venues are poorly run.

  • Brighton vs Man City LIVE! Premier League match stream, latest team news, lineups, TV, prediction today

    Champions up next in title race

  • GDP print will have minimal impact on markets: Strategist

    Markets (^DJI, ^IXIC, ^GSPC) are moving lower on Thursday, reacting to a weaker-than-expected GDP print for the first quarter. Deutsche Bank Chief US Equity and Global Strategist Binky Chadha joins The Morning Brief to discuss his market and inflation outlooks as stocks come under pressure this session. Chadha argues that "there's very little to take away" from the GDP print, suggesting that it should be analyzed "in components." He highlights that the largest component, the Personal Consumption Expenditures (PCE) Index, grew in line with its ten-year trend, indicating that GDP has "few implications for markets going forward." Chadha notes that the disappointing print stemmed from "the two largest, noisiest components of GDP": inventories and trade bonds, which, upon closer inspection, "look absolutely fine." Addressing inflation concerns, Chadha states: "Yes, of course, it matters for inflation, but the growth we've had has not mattered for inflation." He adds, "If you measure inflation relative to growth... we've been steady for about two years." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance. This post was written by Angel Smith

  • Man accused of trying to kill taxi driver, 2 others north of Belleville

    Police allege a 36-year-old man from Tweed, Ont., took a taxi to a rural part of nearby Madoc, stabbed his driver, stabbed a man and a woman inside a home, and fled in a stolen vehicle before being found, arrested and charged.In a news release, Ontario Provincial Police said the attacks happened Wednesday between 11:30 p.m. and midnight.The accused took the taxi to McCann Road in Eldorado, about 50 kilometres north of downtown Belleville, police said.He then allegedly stabbed the 59-year-old dri

  • Humza Yousaf’s future hinges on tight vote as Greens back no-confidence motion

    The SNP leader dramatically brought the powersharing deal to an end on Thursday morning.

  • ‘Ludicrous’ plan to build skyscraper over Georgian building in Birmingham rejected

    Councillors unanimously refuse permission for 42-storey block of flats on top of former residence and hospital

  • Regional District Board: Erosion protection, wildfire preparation, recycling program

    Regional District of Fraser-Fort George directors approved a local contractor to implement riverbank erosion protection along the Dore River, hired consultants for a community wildfire resilience plan, and approved a $500,000 loan to The Exploration Place museum at their April 18th board meeting. Loan to Museum Society After some contention, the board approved a $500,000 loan to the Fraser-Fort George Museum Society to operate The Exploration Place, a museum in Prince George. The loan is to be r

  • Boyfriend’s advice leads woman to big Powerball win in Maryland. ‘Has to be a glitch’

    “He always says, ‘Just play. It’s only a couple of bucks.’”

  • This Tool Is the Secret to Lump-Free Pasta Sauce

    Our test kitchen swears by this tool for luscious Alfredo sauce, gravies, and more.

  • Conservative news site Gateway Pundit files for bankruptcy

    The Gateway Pundit, a far-right news site, filed for bankruptcy Wednesday, following litigation by election workers and others who faced harassment after the site made false claims that the 2020 U.S. election was stolen. Gateway Pundit founder Jim Hoft said in a statement that the bankruptcy filing was the result of "progressive liberal lawfare attacks" meant to "silence" his company. Hoft said the Gateway Pundit would continue to publish during its bankruptcy.

  • 18-year-old Bowie High School student shot, killed by another student in Texas, police say

    Etavion Barnes, an 18-year-old student at James Bowie High School in Arlington, Texas, was shot to death on campus by one of his peers, police say.

  • Long-term disruption coming to District recycling

    Residents of the Regional District of Fraser-Fort George will be left without recycling services for at least a few months as of May 31st. Cascades, the contractor currently providing recycling services for the District, will no longer provide recycling bins for transfer stations after this date. “We recognize the situation is not ideal, so we are working with Recycle BC to minimize the disruption for residents,” said Manager of External Relations Renee McCloskey. “If people have the ability to

  • Masco Corporation (NYSE:MAS) Q1 2024 Earnings Call Transcript

    Masco Corporation (NYSE:MAS) Q1 2024 Earnings Call Transcript April 24, 2024 Masco Corporation beats earnings expectations. Reported EPS is $0.93, expectations were $0.87. MAS isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Good morning ladies and gentlemen. Welcome to Masco […]

  • MEPs urged to fight far right as they head home to campaign for European elections

    European parliament term ends as lawmakers warn of nationalists and authoritarian dangers

  • This unique styling brush makes hair 'soft and shiny' — and it's on sale on Amazon

    After “soft and shiny” hair? This straightening brush promises to deliver, and in way less time than your flat iron.