Walmart said Thursday that its president and CEO in the U.S., Greg Foran, is stepping down, to be replaced by the head of its wholesale Sam's Club business, John Furner.

Foran is leaving to become CEO at Air New Zealand Limited, the company said in a press release.

The move will be effective on Nov. 1, Walmart said, while Foran will stay around with the retailer through Jan. 31 "to ensure a smooth transition."

"John has done a fantastic job at Sam's Club, and he will continue the momentum we have in Walmart U.S.," CEO Doug McMillon said in a statement.

"John knows our business well, having held many different jobs in the company over more than 25 years, and he is helping transform it for the future," McMillon went on. "He has the experience and judgment to know what we should continue doing and what we should change. He embraces technology and new ways of working, and he keeps our customers and Sam's Club members at the center of everything we do, while delivering results for the business."

Foran has served as CEO of Walmart U.S. since August 2014. He first came to Walmart in October 2011.

Walmart said it will name Furner's successor as president and CEO of Sam's Club at a later date. In his new role overseeing Walmart U.S., Furner will report directly to McMillon, the company said.

Earlier this year, a report from Vox said tensions had been rising between the head of Walmart's e-commerce business in the U.S., Marc Lore, and Foran.

The two were reportedly not in agreement over how Walmart should be spending money — on stores or on money-losing digital ventures.

Furner, 45, has been working at Walmart since 1993, when he started as an hourly employee. He became Sam's Club CEO two years ago. He's held other roles at the company, including as chief merchandising and marketing officer for Walmart China.

Walmart shares were falling less than 1% in after-hours trading on the news, having climbed about 28% this year. The stock had closed the day up about 0.6%.