Sam's Club names new CEO

Walmart's CEO gave a warm welcome to the new head of Sam's Club

Sam's Club named Kathryn McLay as president and CEO. She replaces John Furner who was tapped last month to become Walmart's U.S. CEO.

Continue Reading Below

McLay, who has held several roles at the parent company since 2015, will report directly to Walmart CEO Doug McMillon.

TickerSecurityLastChangeChange %
WMTWALMART INC.119.41+0.05+0.04%

Kathryn McLay, president and CEO, Sam’s Club. (Sam's Club)

In a memo to employees obtained by FOX Business, McMillon congratulated McLay on her new role.

 "Kath has a track record of success in every role she has taken on. Her ability to deliver results today, develop a vision for the future and lead the change necessary to achieve it is compelling. She is curious and courageous. Kath builds trust and is a servant leader..."

- Walmart CEO Doug McMillon 

WALMART EL PASO, TEXAS STORE RE-OPENS AFTER MASS SHOOTING

Sam’s Club had revenues of $59 billion last year and 100,000 associates and almost 600 clubs, according to the company.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

It competes with the likes of Costco and BJs.

TickerSecurityLastChangeChange %
COSTCOSTCO WHOLESALE CORPORATION295.05-0.11-0.04%
BJBJS WHSL CLUB HLDGS INC23.21-0.32-1.36%

Her appointment comes as Furner gets settled in his new role. This week Walmart reported booming online sales and raised its outlook for the year ahead of the key holiday shopping season. Earnings at the world's largest retailer topped Wall Street projections for the three months through October, according to financial statements released Thursday.

The Bentonville, Arkansas-based company earned a profit of $3.29 billion, beating the $3.1 billion that analysts projected. Adjusted earnings of $1.16 topped the $1.09 average estimate in a survey by Refinitiv.

WALMART CEO MCMILLON PETITIONED TO STOP GUN SALES AFTER MASS SHOOTING

President Trump praised the world's largest retailer for the strong quarter.

Shares of Walmart have gained 29 percent this year.

CLICK HERE TO READ MORE ON FOX BUSINESS