Walmart Inc.’s Judith McKenna, the influential head of the retailer’s international operations, will retire next year after 27 years with the company.
(Bloomberg) — Walmart Inc.’s Judith McKenna, the influential head of the retailer’s international operations, will retire next year after 27 years with the company.
Sam’s Club Chief Executive Officer Kath McLay will replace McKenna in the international role starting Sept. 11, Walmart said in a regulatory filing Wednesday. McKenna will stay with the company through January to help with the transition. Chris Nicholas, the chief operating officer of Walmart’s US division, will replace McLay at Sam’s Club.
McKenna, 57, has redesigned the overseas business “and led a multiyear transformation that resulted in International delivering more growth and stronger financial results across the board,” Walmart CEO Doug McMillon said in a memo to employees seen by Bloomberg.
The personnel changes leave John Furner, CEO of Walmart’s US business, as the senior leader among the bosses of the retailer’s three main business units. He’s seen as a potential McMillon successor, although Walmart hasn’t designated an heir apparent. McMillon, who is nearing the 10-year mark in the top job, is expected to stay in his role another three years or so.
McLay, 49, has led a revamp of Sam’s Club. The warehouse retailer has overhauled its product lines while planning its first new stores in five years to gain ground on Costco Wholesale Corp. Nicholas, 46, has overseen Walmart’s US store and supply-chain teams and worked on boosting automation.
McKenna will receive payments totaling $2.3 million over a two-year period following her retirement, Walmart said in the filing. The company will also accelerate the vesting of 6,143 restricted shares held by McKenna, who will forfeit all remaining unvested stock awards. As part of her retirement agreement, she is barred for two years from competing with Walmart.
(Corrects first and second paragraphs to show that McKenna is stepping down from role but won’t retire until next year.)
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