© Reuters. FILE PHOTO: The Walmart logo is seen outside one of the stores in Chicago, Illinois, U.S., November 20, 2018. REUTERS/Kamil Krzaczynski
(Reuters) – Walmart (NYSE:) Inc US chief marketing officer Charles Redfield will step down after just over a year in the role, according to an internal memo seen by Reuters on Friday, at a time when the retailer is navigating a cost tightening environment. .
Redfield will assume an advisory role supporting the US business effective May 1, Walmart US CEO John Furner wrote Friday in a memo to US-based associates. ., without naming a successor.
The shakeup comes at a time when inflation has eroded consumer purchasing power, denting Walmart’s business and prompting the retailer to take a cautious stance in 2023.
Data from the Commerce Department on Friday also showed that US retail sales fell more than expected in March.
At its investor meeting last week, Walmart said inflation continues to pressure its business, with shoppers buying more groceries at lower margins and cutting purchases of higher-margin items such as clothing and housewares.
The world’s largest retailer by sales in February forecast annual profit below estimates, and has been trying to ease the hit to margins by leaning on automation and technology.
Redfield began his Walmart career as a cashier at Sam’s Club and has been with the company for 32 years. He led the US food and grocery business since 2015 before assuming his role as director of merchandising.
He was also instrumental in working with suppliers to lower product prices amid skyrocketing inflation in recent months, Furner said in the memo.
The Wall Street Journal first reported the news on Friday.