CEO of online retailer Walz announced that he will step aside at the end of the month, citing family issues and the recent financial crisis.
Walz is a subsidiary of Walmart, which has been hit hard by the economic downturn.
“Our CEO and I are moving into the new year with great optimism and with a lot of optimism for our future,” Walz co-founder and chief executive officer Andrew Walz told the press conference in Atlanta on Monday.
“In addition to our long-term plans for Walz, I will also continue to work with my family to provide them the best possible start in life,” he added.
In addition, Walz said he plans to spend more time with his family and has promised to dedicate more of his time to philanthropy.
Walz, 55, took over the company in 2010 and has led it through several turbulent times.
Walaz was bought by Walmart in 2016, but he was fired in June 2018 and eventually resigned.
During his tenure, Walaz has also been at the center of an online retailer scandal.
He was accused of embezzling $50 million from the company to pay off personal debts.
Wales alleged embezzleings were uncovered during a probe by the New York Attorney General, and the company was eventually forced to refund $1.5 billion.
The controversy led to him stepping down from the CEO role and leading the company into a period of restructuring and layoffs.
He also announced that the company would no longer allow people to register for its e-commerce platform, and he vowed to make the company a more inclusive workplace.
While the company is facing major financial challenges, it remains the number one seller of online merchandise, accounting for more than $100 billion in sales annually.
Last month, WalZ said it would spend $1 billion on a new mobile app and a new website.