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Business

Jet.com’s founder may be eyeing the exit at Walmart

By
Lisa Fickenscher
Published Feb. 20, 2018
Updated Feb. 21, 2018, 11:26 a.m. ET

Marc Lore could be eyeing his exit from Walmart, several sources tell The Post.

The scrappy e-commerce entrepreneur — whose startup Jet.com got acquired by Walmart 17 months ago for $3.3 billion — suffered a blow on Tuesday as Walmart said it will rein in subsidies of Jet’s growth.

Lore, who is also CEO of Walmart.com, is largely credited with Walmart’s online expansion over the past year. He was noticeably absent from Walmart’s discussion of its digital slowdown on a Tuesday conference call.

Lore — who founded Diapers.com and sold it in 2011 to Amazon for $540 million in 2011 — isn’t necessarily seen as a good fit for Walmart’s corporate culture.

“I wouldn’t be surprised if he left,” said Edward Jones analyst Brian Yarbrough.

“I’m not convinced that Marc Lore and the other members of Jet.com leadership team are truly in it for the long haul,” added Brittain Ladd, a digital consultant and former Amazon executive. “Their skill and ambition will more than likely take them elsewhere.”

Last month, Jet president Liza Landsman announced she would leave after just 18 months at the helm to join a venture capital firm, New Enterprise Associates.

Her replacement, Ladd said, “should be groomed to replace Marc Lore who I anticipate will depart Walmart in 2018 to 2020 at the latest.”

On Wednesday, following the publication of this story, Walmart spokesman Dan Toporek told The Post that it is “completely untrue” that Marc Lore is leaving.

Lore’s compensation package from Walmart provides incentives over the next five years for him to stay on, but he has already earned more than 16 percent of the 3.5 million shares he will be awarded over the five-year period.