NEW YORK — Marc Lore, Walmart's e-commerce chief, is leaving the world's largest retailer, nearly five years after he joined to super charge its online business amid stiffer competition from online leader Amazon.
Under Lore's stewardship, Walmart led the redesign of the company's
Lore, who served as CEO of Walmart's e-commerce division, joined the company in September 2016 when Walmart bought Jet.com, an e-commerce company he founded, for more than $3 billion. Jet’s pricing technology was built on an algorithm that determined which sellers were the most efficient in value and shipping and adjusted prices based on what items were in the checkout cart as well as how far the desired products are from the shoppers’ home. Walmart has phased out the Jet business and incorporated some of the technology into the overall business.
“Since the Jet acquisition, we've seen our e-commerce growth accelerate, including rapid growth in our online grocery business," said Doug McMillon, Walmart president and CEO, in a memo to employees. ”Marc's leadership helped ensure we were positioned to respond to the demand driven by the pandemic this year."
He added, “Marc committed to a minimum of five years with us, which I know felt like a long time for an entrepreneur like him and that time has flown by."
Lore also brought to the role a rich e-commerce resume as founder of Quidsi, the parent of Diapers.com, which was bought by Amazon for $500 million in 2010.
Lore notified Walmart on Thursday of his intent to leave on Jan. 31, according to a regulatory filing. He will continue to serve in a consulting role as a strategic adviser to the company through September. After Lore leaves, the U.S. business, including all aspects of U.S. retail e-commerce, will continue to report to John Furner, CEO of Walmart's U.S. operations.
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Anne D'Innocenzio, The Associated Press
