Walmart Revamps Finance Operations -- WSJ

Date : 07/22/2019 @ 8:02AM
Source : Dow Jones News
Stock : Walmart Inc (WMT)
Quote : 116.98  -0.13 (-0.11%) @ 12:46AM

Walmart Revamps Finance Operations -- WSJ

Walmart (NYSE:WMT)
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By Mark Maurer 

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (July 22, 2019).

Walmart Inc.'s finance executives are undergoing a shuffling as the world's biggest retailer absorbs Jet.com into the company's digital operation.

The Bentonville, Ark., company said in an internal memo that it would merge the U.S. e-commerce finance group into the greater U.S. finance team.

Michael Dastugue, the company's U.S. finance chief, will lead the combined U.S. segment finance team in his current role, said the memo, which was shared with The Wall Street Journal. Steve Schmitt, the finance chief for Sam's Club, will be CFO for the U.S. e-commerce division.

Mr. Schmitt will succeed Jeff Shotts, who will run the company's U.S. marketplace business, the memo said. Brandi Joplin, the chief accounting officer for Sam's Club, will succeed Mr. Schmitt as Sam's Club's CFO.

A spokesman for Walmart declined to comment beyond the memo, which was sent to employees from Walmart's U.S. Chief Executive Greg Foran, Sam's Club CEO John Furner and Walmart U.S. e-commerce CEO Marc Lore.

The shuffling is intended to "support the business in a more integrated and customer-centric manner," the memo said. The company also announced changes to its supply-chain management.

The combined supply-chain team will unite the heads of grocery, e-commerce, fleet operations and other functions, the memo said.

Greg Smith, the executive vice president of supply chain for Walmart U.S., will lead the combined team. Nate Faust, the head of the e-commerce fulfillment process, will take an unnamed role within the company, the memo said.

Walmart has been working to integrate its store and e-commerce operations in recent years. The company said last month it would fold the Jet.com staff into the rest of its business. Walmart paid $3.3 billion in 2016 for the online seller of groceries, clothes and electronics, whose main offices are in Hoboken, N.J.

As Walmart's e-commerce arm matures, it is increasingly difficult for the company to distinguish how to allocate labor across its divisions, said Greg Melich, an analyst at Evercore ISI who follows the retailer. "The e-commerce business is reaching the scale of integration on a day-to-day basis with the stores," he said. "To run it in silos makes less and less sense."

Walmart extended its four-year streak of sales growth with a 3.4% increase at U.S. stores and websites operating at least 12 months during the quarter ended in April.

Walmart shares closed Friday at $113.90, down 0.7%.

Write to Mark Maurer at mark.maurer@wsj.com

Corrections & Amplifications Nate Faust will take an unnamed role at Walmart, according to a company memo. An earlier version of this article incorrectly stated he will leave the company. (July 20, 2019)

 

(END) Dow Jones Newswires

July 22, 2019 02:47 ET (06:47 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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