Featured Executive: Marc Lore
In that role, Lore is one of Walmart’s five most highly compensated and highest profile executives. He has also emerged as President and CEO Doug McMillon’s right hand. Even before the deal to acquire Jet.com was closed, McMillon and Lore appeared together on CNBC to explain the synergy between the two companies. Three weeks later the pair did a joint presentation when Walmart hosted its annual investor conference. More recently, Walmart devoted several pages to a McMillon and Lore Q&A feature in the company’s annual report and they also appeared together in a recent BloombergBusinessWeek cover story.
In less than a year, Lore has gone from being best known primarily in digital circles for founding and selling Quidsi, parent company of Diapers.com to Amazon and then founding Jet.com, to someone whom Walmart has entrusted its digital future. Lore founded Jet.com in 2015 and the business was burning through cash as it attempted to promote awareness, generate usage and loyalty when Lore flipped the company to Walmart in a deal valued at $3.3 billion. Of that amount, $3 billion was paid in cash and Lore benefitted nicely as Jet.com’s largest shareholder. He also received as part of the deal 3,554,093 restricted stock units valued at $242 million in Walmart’s recent proxy statement. To realize the full value of those stock units and potential further appreciation Lore will need to stick around for five years to take advantage of the vesting schedule. To discourage Lore from taking his talents elsewhere or creating another e-commerce company, the proxy statement indicates Lore entered into a five year non-compete agreement. A lot can happen in five years, but Walmart is banking on Lore to unleash the potential the company has long maintained its expansive physical presence offers.