Marc Lore

After graduating college in 1993, Lore began his career at Bankers Trust in New York City. He held various investment banking positions, including vice president of emerging markets risk management at Credit Suisse First Boston and executive vice president of Sanwa International Bank in London, where he was head of the bank's Risk Management Division.[18]

In 1997, while at Credit Suisse First Boston, Lore and his colleague, Lev Borondovsky, started the Global Association of Risk Professionals (GARP) and founded the Financial Risk Manager (FRM) – a certification for financial risk managers. Today an estimated 50,000 people have earned the certification while the Global Association of Risk Professionals (GARP) has over 150,000 members from 195 countries.[19] Lore and Borondovsky also wrote The Professional's Handbook of Financial Risk Management.[20]

In 1999, Lore co-founded The Pit, Inc., an Internet market-making collectible company constructed as an alternative to eBay.[21] Lore served as CEO and The Pit was sold to the sports collectibles company, The Topps Company, Inc. for $5.7 million in 2001.[22] Following the acquisition, Lore joined Topps as chief operating officer of gaming subsidiary WizKids.[23]

In 2005, Lore and Vinit Bharara founded 1800DIAPERS, later rebranded as Diapers.com.[24] Lore served as CEO .[25] The company was sold to Amazon (company) in 2011 for $545 million,[26] and Lore then worked for Amazon for over two years.[18]

In 2014, Lore founded eCommerce company, Jet with Nate Faust and Mike Hanrahan.[27] Lore served as CEO and in November 2014, Jet launched a campaign offering stock options to users generating word-of-mouth for the company in advance of launch.[28] In January 2015, Jet was featured in a cover story in Bloomberg Businessweek, in which it was revealed that Jet would be a shopping club in which members will pay an annual fee of $49.99 to access the lowest prices on millions of items,[29] although the membership fee was eliminated in October 2015.[30]

In February 2015 Jet raised $140 million in pre-launch funding from investors including Bain Capital Ventures, Accel Partners, Alibaba Group, New Enterprise Associates, and others.[31]

Beta testers in May 2015 reported cheaper prices than Amazon but longer delivery times.[32] On July 21, 2015, Jet.com opened to the public.[33]

On August 8, 2016, Walmart announced it had agreed to acquire Jet.com for $3.3 billion. Following the acquisition, Lore was appointed president and Chief Executive Officer of Walmart U.S. eCommerce.[34]

On May 19, 2020, Walmart announced that it was shutting down Jet, directing visitors to use Walmart.com instead.[35]

Since Walmart’s acquisition of Jet and Lore’s team, Walmart's U.S. eCommerce sales have taken off. Prior to the acquisition and Lore joining, Walmart had seen its global eCommerce growth steadily decelerate despite the online channel's growing importance. After its first full year with Lore at the helm, Walmart’s U.S. eCommerce sales grew 44%.[36]

According to Fool.com, “In the three full fiscal years since the Jet acquisition Walmart's eCommerce sales have nearly tripled, jumping 176%. The company has rapidly expanded grocery pickup and delivery and now has about 3,300 stores with grocery pickup and more than 1,850 stores offering grocery delivery, up from just a handful at the time of the Jet acquisition. Under the guidance of Lore, the company rolled out free two-day delivery for orders over $35 without a membership fee to compete with Amazon Prime, and that was accelerated to free one-day delivery last year, shortly after Amazon made the same move in Prime. In the most recent quarter, Walmart expanded ship-from-store capabilities to 2,500 stores, leveraging the power of its store base, and it launched Express Delivery, promising delivery in two hours.”[37]

In 2017, Walmart and Lore announced the launch of Store No. 8, a technology incubator based in the Silicon Valley.[38] The initiative was named after an early Walmart store that founder, Sam Walton, used to try out new retail strategies.[39] At the 2017 Shoptalk conference in Las Vegas, Lore said Store No. 8 will work with startups that specialize in areas that include robotics, virtual reality and augmented reality, machine learning, and artificial intelligence.[40] Lore has also helped Walmart expand its online selection and made a number of acquisitions of digitally native brands like Bonobos.[41]

Lore recently invested in Archer, an electric vertical takeoff and landing (eVTOL) company focused on advancing the benefits of sustainable air mobility.[42]