financetom
Business
financetom
/
Business
/
Walmart's health and wellness head departs, memo says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Walmart's health and wellness head departs, memo says
Nov 22, 2024 2:10 PM

(Reuters) - The head of Walmart's ( WMT ) $55-billion health and wellness division, who oversaw the company's failed push into clinics, is leaving after less than two years in the role, an internal memo seen by Reuters showed.

Brian Setzer, who has been executive vice president since February 2023 of the division, which accounts for about 12.4% of Walmart's ( WMT ) U.S. sales, is departing to pursue an opportunity in his hometown of Nashville, according to the memo sent on Friday by John Furner, CEO of Walmart's ( WMT ) U.S. operations.

Setzer will be replaced by Kyle Kinnard, who currently leads Walmart's ( WMT ) neighborhood markets division in the United States, Furner added.

Walmart ( WMT ) spokesperson L. Hope Moore said Setzer played a key role in its health and wellness strategy.

"As we continue to provide access to quality healthcare services and products, we are excited to have a strong succession plan in place," Moore added.

Setzer's departure comes six months after Walmart ( WMT ) decided to close all 51 of its U.S. health clinics and cease its virtual healthcare operations, citing no path to profitability.

The decision represented a reversal from the retailer's 2023 plan to nearly double the number of health centers across the U.S. by 2024.

Walmart ( WMT ) is now focusing on expanding its 4,600-store U.S. pharmacy business and 3,000 vision care centers, aiming to cross-sell medicines, including GLP-1 drugs, alongside cheap groceries. In October, it announced it would start delivering prescription medicines and medication refills along with groceries and other items as a single order within 30 minutes.

On Tuesday, the Bentonville, Arkansas-based chain raised its full-year sales and profit forecasts for the third time, as it sold more essentials and merchandise to a wider cohort of customers. This boost to its business is helping Walmart ( WMT ) lower prices and invest in other parts of its business.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Once a beacon of stability, Vietnam to name third president in a year
Once a beacon of stability, Vietnam to name third president in a year
Mar 22, 2024
HANOI, March 22 (Reuters) - Communist-ruled Vietnam is seeking its third president in little more than a year after the resignation of Vo Van Thuong, who was only elected last year after the sudden dismissal of his predecessor. With accumulated foreign direct investment higher than its gross domestic product, Vietnam's stability is crucial to multinationals with large operations in the...
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Mar 22, 2024
(Reuters) - Popular investor Cathie Wood's ARK Invest bought nearly 10,000 shares of Reddit ( RDDT ) in the social media platform's strong market debut on Thursday, an email from the asset manager showed. A total of 9,982 shares of the loss-making company was added to ARK Next Generation Internet ETF ( ARKW ) and ARK Fintech Innovation ETF (...
Japan's union group Rengo announces biggest wage hikes on record
Japan's union group Rengo announces biggest wage hikes on record
Mar 22, 2024
TOKYO (Reuters) -Japanese firms have agreed to raise pay by 5.25% this year, the biggest rise under comparable data since 2013, the country's largest union group Rengo confirmed on Friday. The results of the closely-watched wage negotiations are announced in several stages, in which the blue-chip firms are first to wrap up their talks in mid-March. The second announcement on...
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Mar 22, 2024
05:04 AM EDT, 03/22/2024 (MT Newswires) -- Hutchmed ( HCM ) said late Thursday it has started the registration stage for a phase 2/3 clinical trial of investigational drug sovleplenib for adult patients with warm antibody autoimmune hemolytic anemia in China. The move follows positive data from the proof-of-concept phase 2 stage of the trial and a consultation with the...
Copyright 2023-2025 - www.financetom.com All Rights Reserved