Walmart Inc chief merchandising officer Charles Redfield is stepping down after just over a year in the role, according to an internal memo seen by Reuters on Friday, at a time the retailer is navigating a tightening spending environment.
Redfield will assume an advisory role supporting the US business effective 1 May, John Furner, CEO Walmart US wrote in a memo to US-based associates on Friday, without naming a successor.
Consumer Spending Power
The rejig comes at a time when inflation has eroded consumer spending power, denting Walmart's business and prompting the retailer to take up a cautious stance on 2023.
Data from the Commerce Department on Friday also showed US retail sales fell more than expected in March.
At its investor meeting last week, Walmart said that inflation continues to pressure its business, with shoppers buying more lower-margin groceries and cutting back purchases of higher-margin items like clothing and home goods.
The world's largest retailer by sales in February forecast annual earnings below estimates, and has been trying to ease the hit to margins by leaning on automation and technology.
Walmart Career
Redfield started his Walmart career as a cashier at Sam's Club and has been with the company for 32 years.
He had led the US food and grocery business since 2015 prior to taking up his role as chief merchandising officer.
He was also integral in working with suppliers to lower product prices amid sky-rocketing inflation over the past several months, Furner said in the memo.
The Wall Street Journal first reported the news on Friday.
Read More: Walmart CEO Plans To Stay In Role For At Least Three More Years: Sources
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