Walmart to absorb Jet.com operations

Bentonville, Ark.-based Walmart plans to fully merge its Hoboken, N.J.-based Jet.com operations into its e-commerce platform.

According to a company blog post, Walmart is dismissing the company’s president, Simon Belsham, and his position more than two years after acquiring Jet. Team members will report to Kieran Shanahan, who’s been overseeing Walmart’s food, consumables and health-and-wellness divisions online. Belsham will remain with the company until August.

“We don’t have the same need for a dedicated leader,” at Jet anymore, said Marc Lore, the co-founder of Jet.com who now serves as the head of Walmart’s e-commerce business in the U.S.

A Walmart spokesman told CNBC there are no layoffs planned because of these steps, and Jet will keep its headquarters in Hoboken.

“This natural progression of integrating an acquisition allows us to fully leverage Walmart’s assets for Jet and leverage Jet’s talent for Walmart,” Lore said.

Jet.com also offers a line of private-branded products under its Uniquely J brand.