8-KLeadership ChangesExhibits & Filings

Walmart Inc. 8-K Report, Executive Changes (Jan 6, 2017)

Filed January 6, 2017For Securities:WMT

Summary

This 8-K filing by Walmart Inc. announces a significant leadership change within its Sam's Club division. Rosalind G. Brewer, the current Executive Vice President, President, and CEO of Sam's Club, has informed the company of her intent to retire effective February 1, 2017. Ms. Brewer has been a key executive at Walmart since 2006, holding various leadership roles, including her most recent position since February 2012. Concurrently, John Furner has been appointed as the new Executive Vice President, President, and CEO of Sam's Club, effective February 1, 2017. Mr. Furner, who joined Walmart in 1993 as an hourly associate and has steadily risen through the ranks, most recently served as Executive Vice President and Chief Merchandising Officer for Sam's Club. This transition marks a handover to a long-tenured executive with deep experience within the company and the Sam's Club segment.

Key Highlights

  • 1Rosalind G. Brewer, EVP, President and CEO of Sam's Club, is retiring effective February 1, 2017.
  • 2John Furner has been appointed as the new EVP, President and CEO of Sam's Club, effective February 1, 2017.
  • 3Mr. Furner has a long history with Walmart, starting as an hourly associate in 1993 and holding various leadership positions.
  • 4Ms. Brewer will receive approximately $1.9 million in payments through January 2019 as part of her retirement agreement.
  • 5Ms. Brewer's retirement agreement includes accelerated vesting for a portion of her restricted stock.
  • 6Ms. Brewer will forfeit a significant portion of her unvested restricted stock and all outstanding performance share units.
  • 7Both Ms. Brewer and Mr. Furner are subject to two-year non-compete and non-solicitation agreements post-employment.

Frequently Asked Questions

Rosalind G. Brewer, who holds the position of Executive Vice President, President and Chief Executive Officer of the Sam's Club segment, is retiring from Walmart. Her retirement is effective February 1, 2017.

John Furner has been appointed as the new Executive Vice President, President and Chief Executive Officer of the Sam's Club segment, effective February 1, 2017. He will report directly to Walmart's President and Chief Executive Officer.

As part of her retirement agreement, Ms. Brewer will receive approximately $1.9 million in installment payments through January 2019. Additionally, some of her restricted stock, originally scheduled to vest between September 2017 and January 2019, will have its vesting accelerated to her separation date. However, she will forfeit other unvested shares and performance units.

Both Ms. Brewer and Mr. Furner have entered into two-year post-termination agreements. These agreements prevent them from participating in competing businesses that exceed certain revenue thresholds (for Ms. Brewer) and from soliciting Walmart associates for employment during this period.