Walmart Inc. of Bentonville executive Brett Biggs will step down as chief financial officer sometime next year with an eye toward leaving the retailer on Jan. 31, 2023, the company announced Monday.
Biggs, who has been Walmart's executive vice president and CFO since Dec. 31, 2015, plans to seek opportunities in the for-profit and nonprofit sectors, the company said.
Walmart aims to name a new CFO in 2022, and Biggs will help in the transition. The company also said that, 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.
Walmart said it will consider internal and external candidates for the CFO job.
Biggs began at Walmart in 2000. He called his 22 years at the company "incredible."
"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," he said in a news release. "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."
According to Walmart's most recent proxy statement, Biggs' total compensation was $9.1 million, an increase of 3.7% from the previous year. He had a salary of $934,721, stock awards of $5.8 million and a bonus of $1.8 million.
Biggs previously held the roles of chief financial officer for Walmart International, Walmart U.S. and Sam's Club. He also served as senior vice president of international strategy, mergers and acquisitions, and as senior vice president of corporate finance. Biggs was also the senior vice president of operations for Sam's Club.
Before joining Walmart, he held various mergers and acquisitions and corporate finance positions with Leggett & Platt, Phillips Petroleum Co. and PricewaterhouseCoopers.
Walmart CEO Doug McMillon said Biggs played a key role during a significant period in the company's history.
"Brett has elevated the finance organization and strengthened the team through his commitment to excellence and talent development," McMillon said. "We are fortunate to have benefited from his talents, and we appreciate everything he's done for the company during his career."