Walmart veteran Biggs to step down as CFO next year

Walmart Inc said on Monday longtime executive Brett Biggs will step down from his role as the chief financial officer of the world’s largest retailer next year.

Biggs, who has served as CFO since 2015, will remain in the role until a successor is named next year, Walmart said, adding that he will continue to represent the company as a board member of its fintech startup until January 2023.

The startup, a joint venture with investment firm Ribbit Capital, aims to develop financial products for Walmart’s employees and customers.

Biggs helped oversee a period of rapid change for Walmart as the brick-and-mortar retailer launched and expanded a number of initiatives to boost its e-commerce business and a membership program to help fend off competition from Amazon.com Inc.