Walmart (WMT) announced on Monday that Executive Vice President and Chief Financial Officer Brett Biggs will step down after more than two decades with the retail giant.

Biggs has served as CFO since 2015 and joined Walmart in 2000. A successor will be named next year.

Walmart indicated that Biggs would remain a board member of the company’s FinTech startup joint venture with Ribbit Capital.

Walmart expressed confidence in having adequate inventory as it raised its outlook following a solid third quarter
Walmart expressed confidence in having adequate inventory as it raised its outlook following a solid third quarter GETTY IMAGES NORTH AMERICA via AFP / Brandon Bell

The upcoming departure of Biggs comes after Walmart predicted a strong holiday shopping season. In a mid-November update, the company raised its annual sales and profit forecast. Walmart's inventory levels were up 11.5% in the quarter ended Oct. 31. The company chartered its own ships to move goods from Asia, avoiding much of the shipping delays plaguing other retailers.

Walmart’s net income fell to $3.11 billion from last year’s $5.14 billion. Its total revenue grew 4.3% to $140.53 billion. The company also earned 5 cents over Wall Street expectations in its last earnings report. Excluding items the company earned $1.45 per share.

Adjusted profits per share rose to $6.40. Prior expectations were $6.20 and $6.35. Walmart expects sales to rise over 6% for the year.

As of 9:35 a.m. ET, Walmart’s stock opened at $143.56, down $1.34, or 0.93%.

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