Good morning, Broadsheet readers! Oprah reportedly considered a 2020 presidential ticket with Mitt Romney, tech unicorn Carta’s litigation piles up, and Fortune‘s Ellie Austin checks in with Walmart International chief Kath McLay about her new job. Have a lovely Tuesday.
– Going global. A month after taking on her new role as CEO of Walmart International, Kathryn McLay joined us at last week’s Most Powerful Women summit in Laguna Niguel, Calif., to discuss her vision for the retail giant’s $100-billion international business—as well as her approach to leadership.
McLay, an Australian alum of Woolworths and Qantas, landed her new job after four triumphant years as CEO of Sam’s Club, Walmart’s warehouse club division that logged net sales of $84.3 billion last fiscal year. The promotion saw her rise to No. 14 on this year’s Fortune Most Powerful Women list (she ranked No. 28 in 2022). During McLay’s tenure at Sam’s Club, the company increased total revenue by 43%. It also underwent something of an image transformation thanks to a combination of factors including refreshed stores and the brand’s first ever Super Bowl ad.
Given McLay’s track record, Walmart chief Doug McMillon is no doubt counting on her to return the international division to growth after its revenue shrunk by around 21% between 2020 and 2022. “It’s very much like drinking from a firehose,” McLay told me, reflecting on her first weeks in the job. She added that she would spend her first 90 days “getting the rhythm of the organization and looking for the opportunities and the gaps.”
Walmart International president and CEO Kathryn McLay speaks at Fortune Most Powerful Women Summit on Oct. 10, 2023. Stuart Isett—Fortune Before announcing her retirement in August, McLay’s predecessor Judith McKenna laid out a strategy for Walmart International to double its sales over the next five years. (She planned to do this by scaling marketplaces in the 19 countries where the brand operates, while also providing complementary services such as digital payment platforms alongside its core offering of everyday products.) Does McLay intend to honor McKenna’s goals for the company?
“I don’t see any need to walk back from them,” she said. “We do have tough inflationary environments where we operate, but Walmart’s purpose is to save people money everyday. And so, now is a time where we are more than relevant in consumers’ lives.”
McLay noted that it was “wonderful” to take over from McKenna and be part of a rare handoff from female CEO to female CEO. Earlier this month, McKenna spoke to Fortune senior writer Phil Wahba about her exit and advised aspiring executives to avoid conforming to traditional expectations of leadership. “One of the benefits of age is that I’ve learned to be much more comfortable and authentic with who I am,” she said.
It’s a sentiment that McLay echoed. “I think we need to open up the perspective of what leadership looks like,” she said. “I don’t think I’m a traditional leader…I’m just going to be me.”
Before McMillon became Walmart CEO, he ran Walmart International and Sam’s Club. McLay has so far followed in his footsteps. Would she like the top job when her boss eventually steps down?
“I have the biggest job in front of me right now,” she told me. “As I’ve said before, everyday, do your absolute best.”
Ellie Austin
[email protected]
@Ellie_Austin_
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.
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- You get a president! A forthcoming biography from former presidential candidate Sen. Mitt Romney (R-Utah) reveals that Oprah Winfrey pitched him the idea of an independent ticket in the 2020 presidential race with Winfrey as his running mate. Romney declined the pitch, which was borne out of Winfrey's worry that Democrats couldn’t take on Donald Trump. New York Times
- Carta crash. Former Carta employee Alexandra Rogers's harassment and retaliation lawsuit against the tech company and chief revenue officer Jeff Perry is the latest blow to the one-time Silicon Valley darling that's now drowning in litigation and controversy. Multiple harassment allegations, accusations that the company fired employees who spoke out, distrust of leadership, and a culture of general disrespect have caused talent to leave and valuations to drop. Carta and Perry have denied all allegations and filed a defamation lawsuit against Rogers. Fortune's Jessica Mathews reports: Fortune
- CEO party. On Tuesday Tupperware named former Spanx chief executive Laurie Ann Goldman as the new CEO of the 77-year-old company. Goldman, who faces an uphill battle with the strapped-for-cash company, also brings experience from her stints as CEO of personal care product manufacturer Avon North America and medical product company OMVE Aesthetics. CNN
- Level playing field. More women are gaming as the industry moves away from its male-dominated player base, but similar progress is not occurring within the ranks of video game companies. Women working in the industry blame misogynistic cultures and patterns of sexual harassment at video game developers as barriers for gender parity within the sector. Financial Times
- Color bind. Menstrual health startups are using red liquid in tampon advertisements to destigmatize menstruation and stand out in an industry controlled by blue liquid-using giants. Some cable networks still refuse to platform these advertisements, however, and consumers are still squeamish when they see them. Wall Street Journal
MOVERS AND SHAKERS: Treasury Prime appointed Ann Olinger as vice president of product. Coalfire named Ashley Hart as chief marketing officer. Headspace promoted Nicolette Turner to chief financial officer. Dataiku announced Sandrine Bossard as chief people officer.
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Clearview AI and the end of privacy, with author Kashmir Hill The Verge
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