Walmart ecommerce boss hired to take on Amazon leaves

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Marc Lore, who joined the company in 2016 after selling his online startup Jet.com to Walmart, is retiring in late January, the company said on Friday.
Lore, the general manager of Walmart’s U.S. e-commerce division, initially led the redesign of Walmart.com and helped expand Walmart’s online merchandise options to roughly 10 million items when it started at over 80 million items, Walmart CEO Doug McMillon said in a note. to employees on Friday.
Walmart (WMT) the stock was down 1% on Friday at noon.

Lore left shortly after the company merged its once separate online division into its larger business. Following Lore’s retirement on Jan.31, the online business will come under U.S. Walmart chief John Furger, the company said in a filing.

“With our structural changes behind us, we concluded it was time for Marc to step down from his day-to-day role at Walmart,” McMillon said in the memo.

Lore will remain a strategic advisor to Walmart until September. He told Recode that his next venture would be a decades-long project to build “a city of the future” backed by “a reformed version of capitalism.”
Walmart bought online brands like Bonobos and Moosejaw under Lore’s tenure as it sought to grow online and reach younger shoppers. However, he said he was discontinuing Jet.com in 2019.

Walmart’s online business, while still much smaller than Amazon’s, has grown rapidly in recent years. Walmart said in November that it offered curbside pickup at 3,700 stores and home delivery from 2,700.

“Lore can leave Walmart and effectively declare victory,” said Andrew Lipsman, retail analyst at eMarketer. “It has seen tremendous success, helping to drive tremendous growth in sales and market share in Walmart’s previously lagging e-commerce business.”

This is a developing story and will be updated.

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