Summary
Walmart Inc. (WMT) announced significant leadership changes within its U.S. operations through an 8-K filing on October 10, 2019. Gregory S. Foran, the Executive Vice President, President and CEO of Walmart U.S., will be separating from the company effective January 31, 2020. Mr. Foran will serve in a transitional role until his departure. John R. Furner has been appointed as the new Executive Vice President, President and CEO of Walmart U.S., effective November 1, 2019. Mr. Furner, who has a long history with Walmart starting as an hourly associate, most recently served as the CEO of Sam's Club. The filing also details adjustments to Mr. Furner's compensation package in his new role, including a base salary of $925,000, continued eligibility for annual cash and equity incentives, and a non-compete agreement. The company also disclosed separation terms for Mr. Foran, including payments totaling approximately $4.8 million and a non-compete agreement.
Key Highlights
- 1Gregory S. Foran, CEO of Walmart U.S., to depart effective January 31, 2020, after a transition period.
- 2John R. Furner appointed as the new Executive Vice President, President and CEO of Walmart U.S., effective November 1, 2019.
- 3Mr. Furner's compensation package includes a base salary of $925,000, with continued eligibility for significant annual cash and equity incentives.
- 4Mr. Foran will receive approximately $4.83 million in installments through January 2022 as part of his separation agreement.
- 5Both Mr. Foran and Mr. Furner are subject to two-year non-compete and non-solicitation agreements.
- 6The leadership transition is accompanied by a press release filed as an exhibit.