Charles Redfield, a 32-year employee of Walmart and the company’s chief merchandising officer, is leaving the retail giant after just more than a year in his current position.
Walmart U.S. president and CEO John Furner announced Redfield’s departure in an internal memo to employees Friday that was viewed by FOX Business and first reported by The Wall Street Journal.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 148.48 | -1.01 | -0.68% |
Furner said Redfield will “begin a new chapter in June spending more time with family.”
Redfield will step down as merchandising officer on May 1 and will stay on as an adviser. A new merchandising chief will be named at a later date, the memo stated.
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Redfield began working at Walmart as a cashier while attending college at the University of Arkansas. He worked his way up the ranks through a variety of leadership roles at Sam’s Club and was named chief merchandising officer for Asda, Walmart’s U.K. subsidiary, in 2010.
He returned to the U.S. in 2012 to serve as executive vice president of merchandising at Sam’s Club before becoming executive vice president of food for Walmart U.S. in 2015. He held that position until last year, when he assumed his current role.
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The leadership shakeup comes at a time when inflation is eroding consumer spending power, denting Walmart’s business and prompting the retailer to take a cautious stance on 2023.
At its investor meeting last week, Walmart said inflation continues to pressure its business, with shoppers buying more lower-margin groceries and cutting back on purchases of higher-margin items like clothing and home goods.
Reuters contributed to this report.
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