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Jet.com President Simon Belsham to step down as Walmart eliminates the role



More than two years after Walmart bought Jet.com, the big-box retailer is taking steps to more fully integrate and fold the e-commerce platform into its own business

As part of the changes it plans, Simon Belsham's role and Jet President will be eliminated, and Jet team leaders will now report to Kieran Shanahan, who has been overseeing Walmart's food, consumables and health-and wellness divisions online

Walmart, who announced the changes in a blog post Wednesday evening, said it will merge the rest of Jet's teams – including retail, marketing, technology, analytics, product and several others – within Walmart

"We do not have the same need for a dedicated leader," at Jet anymore, said Marc Lore, co-founder of Jet.com who now serves as the head of Walmart's e-commerce business in the US

Belsham

A Walmart spokesman told CNBC that there are no layoffs planned because of these steps, and Jet will keep his headquarters in Hoboken, New Jersey

"Since Walmart has acquired Jet for roughly $ 3 billion by the end of 201

6, it has begun integrating the companies," said Lore, including combining its supply chain teams to fall under Jet.com co-founder Nathan Faust. Faust and Lore both came from Quidsi, another start-up Lore co-founded that was sold to Amazon in 2011 for $ 550 million. (Amazon later shut down Quidsi.)

Lore said the supply chain changes have helped Walmart to grow overall e-commerce sales at a rapid clip and ultimately move towards offering the next-day delivery

some management shake-up before. It lost its former president, Liza Landsman, last year. She was named in that position after Lore became the head of e-commerce for Walmart, but later left to work as a venture capitalist. That's when Belsham stepped in.

Meanwhile, Walmart has admittedly dialed back its marketing efforts for Jet, which have focused on targeting millennial customers, to focus more on growing Walmart.com. The company has been criticized in the past by analysts for not growing Jet sales as fast some have hoped, and for focusing all its investments on New York

"We saw we could get a much higher return on our marketing investments with Walmart.com," Lore said in Wednesday's blog post. "However, in specific large cities where Walmart has few or no stores, Jet has become hyper-focused on those urban customers." While this has made Jet a smaller than a sales perspective, it has helped us create a smart portfolio approach where our

Last year, Walmart redesigned Jet.com by adding more merchandise from brands such as Nike, faster delivery and a slew of other upgrades in bid to compete more effectively against Amazon

Jet could be looking to grow again soon, according to Lore. "The focus has largely been on New York so far, and we are looking at other cities where we could bring together Jet's expertise and the scale and operating model of Walmart," he said. "Walmart also announced that David Echegoyen, current vice president and chief customer officer at Jet, will be moving over to Walmart's marketing division as vice president of grocery, pickup, and delivery and service marketing in the US and online. He will report to Barbara Messing, senior vice president and chief marketing officer.

Walmart shares are up about 16.8% so far this year


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