Marc Lore, the e-commerce boss at Walmart, is leaving the world’s largest retailer almost five years after joining the online business to increase competition from online market leader Amazon.
Led by Lore, Walmart led the redesign of the company’s website and app, expanded its online range from 10 million items to over 80 million, and expanded its delivery network by two days and the same day.
Lore, who served as CEO of Walmart’s e-commerce division, joined the company in September 2016 when Walmart acquired Jet.com, an e-commerce company he founded, for more than $ 3 billion. Jet’s pricing technology is based on an algorithm that determines which sellers are most efficient in terms of value and shipping, and adjusts prices based on the items in the checkout cart as well as the distance of the desired products from the buyer’s home. Walmart has discontinued the jet business and incorporated some of the technology into the overall business.
“Since acquiring Jet, our e-commerce growth has accelerated, including the rapid growth in our online grocery store,” said Doug McMillon, President and CEO of Walmart, in a memo to employees. “Marc’s leadership has helped us to be able to respond to the demand generated by the pandemic this year.”
He added: “Marc has committed to at least five years with us which I know have been a long time for an entrepreneur like him and that time has passed.”
Lore also brought an extensive e-commerce résumé as the founder of Quidsi, the parent company of Diapers.com, to the role that Amazon bought for $ 500 million in 2010.
Lore notified Walmart Thursday of his intention to leave on January 31st. He will continue to act as a strategic advisor to the company until 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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