Marc Lore Leaves Walmart After Jet.com Sale

Marc Lore, who held the positions of executive vice president, president, and CEO of U.S. e-commerce at Walmart, is leaving his role just over four years after he sold his e-commerce business, Jet.com, to the nation's leading retailer for $3 billion.

Lore’s time with the company yielded varied results. During his leadership, Walmart implemented numerous new technological advancements; however, the Jet.com platform was discontinued in May of the previous year, and other projects spearheaded by Lore, such as a text-based ordering system for customers, proved financially unsuccessful for the company headquartered in Bentonville, Arkansas.

According to a company filing, following Mr. Lore’s departure on January 31, 2021, responsibility for the U.S. operations – encompassing all facets of U.S. retail eCommerce – will transfer to John Furner, Executive Vice President, President, and Chief Executive Officer, Walmart U.S., effective February 1, 2021.

Walmart remains committed to advancing a range of technology-focused projects, including the establishment of a new venture dedicated to the creation of financial services.

This undertaking is being pursued in collaboration with Ribbit Capital, a fintech investment company, and complements Walmart’s existing portfolio of startup technologies, which also includes Store N⁰8, an innovation hub established in 2018.

“I am incredibly proud of the last several years – Walmart profoundly impacted my life, and the collaborative efforts we undertook will continue to benefit customers for many years. It was a privilege to be a member of the Walmart team, and I anticipate offering guidance and insights going forward,” Lore stated in a post on Linkedin. “I plan to take some time for personal pursuits and will continue to collaborate with various startups. I am eager to share updates on my future endeavors.”