Jane Thompson, the president of Wal-Mart Stores Inc.'s financial services unit, plans to retire at the end of June, she told American Banker on Friday.
Thompson, who joined the Bentonville, Ark., retailer in 2002, has spearheaded the company's expansion into financial products. She was No. 11 in U.S. Banker's 25 Most Powerful Women in Finance ranking last year.
Wal-Mart is one of the largest non-bank financial services providers, offering check cashing, bill payment, wire transfers and other services through its MoneyCenters located in many of its stores.
The company also operates one of the largest prepaid card programs in the country in partnership with GE Money Bank, the General Electric Co. subsidiary that issues the cards, and Green Dot Corp., a vendor that manages the card accounts.
Thompson said in an email that she has no specific career plans at this point but is interested in board and advisory roles for big and small companies and is "very passionate about serving the underserved customer."
"In the U.S. there is still much more to do to provide low-cost options," she said.
No successor has been named for Thompson.