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A-Rod s partner in buying Minnesota s NBA, WNBA teams knows a thing or two about deals Marc Lore s next target: the Lynx and Wolves. May 3, 2021 11:26pm Text size Copy shortlink:
Marc Lore is known for being a tech entrepreneur who also has a communications style that has inspired workers and convinced the nation s largest retailer to take some uncharacteristic risks.
If his latest deal with partner and former Major League Baseball player Alex Rodriguez to buy the Timberwolves goes through, he is expected to bring that savvy to that organization and apply his tech knowledge to operations.
Anyone who has listened to Lore talk was unlikely surprised by the Timberwolves move. Lore gave a few interviews in January and alluded to some of his next ventures to the Wall Street Journal. He mentioned pro sports.
A-Rod s partner in buying Wolves, Lynx, Marc Lore knows a thing or two about deals Marc Lore s next target: the Lynx and Wolves. May 4, 2021 7:51am Text size Copy shortlink:
Marc Lore is known for being a tech entrepreneur who also has a communications style that has inspired workers and convinced the nation s largest retailer to take some uncharacteristic risks.
If his latest deal with partner and former Major League Baseball player Alex Rodriguez to buy the Timberwolves goes through, he is expected to bring that savvy to that organization and apply his tech knowledge to operations.
Anyone who has listened to Lore talk was unlikely surprised by the Timberwolves move. Lore gave a few interviews in January and alluded to some of his next ventures to the Wall Street Journal. He mentioned pro sports.
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Lore, who was the point in fending off competition from rivals such as Amazon, joined Walmart in 2016 after the big-box retailer bought e-commerce website Jet.com, which he founded, for $3.3 billion. Prior to Jet.com, Lore founded and led other e-commerce and Internet companies, including Quidsi and The Pit, Inc.
He was responsible for several strategic online acquisitions including Bonobos and Moosejaw to name a few. The goal, when he joined, was to ramp up Walmart s online business quickly which had lagged rivals.
In the third quarter, e-commerce sales jumped 79%. The e-commerce business will report to John Furner, Executive Vice President, President and Chief Executive Officer, Walmart U.S. following Lore s exit. The company tells FOX Business, Furner and Lore have worked in tandem, so no additional structural changes are needed at this point.
U.S. retail e-commerce business to report to Walmart U.S. CEO John Furner
Jet.com founder Marc Lore, president and CEO of U.S. eCommerce at Walmart, plans to step down at the end of this month and leave the retail giant this fall.
Walmart disclosed Lore’s upcoming departure in an 8-K filing today with the Securities and Exchange Commission. Plans call for Lore, who’s also a corporate executive vice president for Walmart, to step down from his e-commerce post on Jan. 31 and serve in a consulting role as a strategic adviser through September, according to the filing. Walmart said in the filing that Lore notified the company of his plan to retire yesterday.