EC darling Mark Laurie sells Jet.com for 311.5 billion yen and leaves Walmart in just over four years | GLM

EC darling Mark Laurie sells Jet.com for 311.5 billion yen and leaves Walmart in just over four years | GLM

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Marc Lore, executive vice president of Walmart and president and CEO of the US e-commerce division, has added $ 3 billion to his e-commerce company Jet.com. ), I will retire after about 4 years since I sold it to Walmart.

There are criticisms and praises about Mr. Laurie’s tenure. Walmart launched several new technology initiatives during Raleigh’s tenure, but Jet.com’s service was shut down in May 2020, like Raleigh’s option to allow customers to order goods in text. Other initiatives also went into the red for Arkansas-based Walmart.

“After Mr. Raleigh retired on January 31, 2021, from February 1, 2021, the US business, including all aspects of US retail e-commerce, will be covered by John Furner, President and CEO of Walmart. It is under the control of Mr. Furner), “Walmart said in the registry.

Walmart has been making tech-related efforts one after another, including launching a new business specializing in the development of financial services.

That initiative is undertaken in a strategic partnership with fintech investment firm Ribbit Capital and has been added to the startup tech portfolio, including the incubator Store N⁰8, which was launched in 2018.

“I’m proud to look back over the last few years. Walmart has changed my life and the work we’ve done together will continue to change the lives of our customers for many years to come. I’m honored to be part of the Walmart family and look forward to continuing to provide advice and ideas, “Laurie said in a statement posted on LinkedIn. “In the future, I will be on vacation and continue to work with several startups. I look forward to keeping you up to date.”

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Rachel Maga
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life's biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.