Walmart executives depart under CEO John Furner

Finance

Walmart executives depart under CEO John Furner

Two top executives are departing the company, nearly four months after CEO John Furner took over, according to internal memos viewed by CNBC on Friday.

Tom Ward, the chief operating officer of Walmart‘s warehouse chain Sam’s Club, is retiring, and Cedric Clark, Walmarts executive vice president of U.S. store operations, is leaving the business, the memos show.

A replacement for Clark is expected to be announced in the “coming weeks,” the memo said. It‘s unclear when the company expects to fill Ward’s position.

The leadership shuffle comes after Furner took over as Walmart‘s CEO in February. Alongside Furner’s promotion, the company elevated four new top executives to work alongside him earlier this year. Seth Dallaire was promoted to chief growth officer, overseeing the company‘s marketplace and advertising businesses, David Guggina was elevated to CEO of Walmart U.S., Chris Nicholas became CEO of Walmart International, and Latriece Watkins became CEO of Sam’s Club.

Furner took over the largest U.S. retailer during a period of sustained growth, fueled by gains with higher-income consumers and the expansion of its e-commerce business.

Walmart announced fiscal first-quarter earnings Thursday, issuing mixed results and saying its business remains strong despite consumer pressures and high gas prices.

The leadership changes were first reported by The Wall Street Journal.

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