Biggs, who has been with Walmart for 22 years and has served as executive vice president and CFO since December 2015, will remain in his role until a successor is named next year and will support the transition until his official departure on Jan. 31, 2023. Walmart said it would consider internal and external candidates before naming a successor.
As part of the transition, Biggs will continue representing the company as a board member on Walmart’s fintech startup joint venture with Ribbit Capital.
"Our company has never been stronger, and I believe we’re set up for continued success to serve customers and deliver a retail experience unlike any other company," Biggs said in a statement. "Given the tremendous positioning and momentum of the company, now felt like the right time to transition to the next chapter in my personal and professional life."
During his tenure at Walmart, Biggs served as chief financial officer for Walmart International, Walmart U.S. and Sam’s Club, senior vice president of Sam’s Club operations and senior vice president of international strategy and mergers and acquisitions. Prior to joining Walmart in 2000, Biggs held various merger and acquisition and corporate finance positions with Leggett & Platt, Phillips Petroleum Co. and Price Waterhouse.
Walmart CEO Doug McMillon said Biggs' "high character and strong leadership have played a central role during one of the most significant periods in the company’s history."
"His contributions have been a key to the important steps we’ve taken to transform the company on our omni journey," McMillon added. "Brett has elevated the finance organization and strengthened the team through his commitment to excellence and talent development. We are fortunate to have benefited from his talents, and we appreciate everything he’s done for the company during his career."
In its third-quarter ended Oct. 31, Walmart reported total revenue of $140.5 billion, up 4.3% compared to last year, despite supply chain challenges. Net income fell to $3.1 billion from $5.1 billion a year ago.
As part of his retirement agreement, Biggs will continue to receive his annualized $1 million base salary until his official retirement date. During the transition period, he will not be eligible to earn an annual cash incentive under Walmart's management incentive plan or any future equity awards under its stock incentive plan.
Subject to Biggs' compliance with the terms and conditions of the agreement, he will receive payments totaling $2 million to be paid over a two-year period following the retirement date. In addition, Walmart will accelerate the vesting of 6,800 restricted shares of the company’s common stock held by Biggs as of the retirement date.