Wal-Mart Stores Inc., has revealed that Rosalind Brewer, the longest-serving President and CEO of its warehouse chain Sam’s Club, will be retiring next month, and would be succeeded by company veteran John Furner.
Brewer, the first woman and the first African American to run a top Wal-Mart business, will leave on February 1 to take on a “new challenge”, according to an internal memo seen by Reuters.
Under Brewer’s 5-year tenure as CEO, Sam’s Club’s sales rose 5.6 percent to US$56.2 billion. The unit’s same-store sales growth beat analysts’ estimates in the past 3 quarters.
Sam’s Club, the smallest of Wal-Mart’s 3 business units, operates membership-only warehouse clubs in 48 states in the United States and in Puerto Rico. The business accounted for about 12 percent of the company’s fiscal 2016 net sales.