Walmart Inc US chief merchandising officer Charles Redfield is stepping down after just over a year in the role, according to an internal memo seen by Reuters, at a time the retailer is navigating a tightening spending environment.
Redfield will assume an advisory role supporting the US business effective 1 May, Walmart US CEO John Furner wrote in a memo to US-based associates on Friday, without naming a successor.
The rejig comes at a time when inflation has eroded consumer spending power, denting Walmart's business and prompting the retailer to take up a cautious stance on 2023.
Data from the Commerce Department on Friday also showed US retail sales fell more than expected in March.
Impact Of Inflation On Consumer Behaviour
At its investor meeting, Walmart said inflation continues to pressure its business, with shoppers buying more lower-margin groceries and cutting back purchases of higher-margin items like clothing and home goods.
The world's largest retailer by sales in February forecast annual earnings below estimates, and has been trying to ease the hit to margins by leaning on automation and technology.
Redfield started his Walmart career as a cashier at Sam's Club and has been with the company for 32 years. He had led the US food and grocery business since 2015 prior to taking up his role as chief merchandising officer.
He was also integral in working with suppliers to lower product prices amid skyrocketing inflation over the past several months, Furner said in the memo.