B. Kevin Turner

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Kevin Turner
Milken 2016 Turner.jpg
Kevin Turner speaking at the 2016 Milken Institute in Los Angeles, California
Born Brian Kevin Turner[1]
April 3, 1965 (1965-04-03) (age 53)
Oklahoma, United States
Alma mater East Central University
Occupation Businessman
Known for Executive roles at Walmart, Sam's Club, Microsoft and Citadel LLC
Board member of Albertsons and Nordstrom
Spouse(s) Shelley Turner
Children 3

B. Kevin Turner (born April 3, 1965) is an American businessman known for his executive roles at Walmart, Microsoft, Citadel LLC and Core Scientific. He is currently the President and CEO of Core Scientific, the Vice Chairman of Albertsons and a member of the Board of Directors at Nordstrom.[2] Turner was previously the Vice Chairman of Citadel LLC and the Chief Executive Officer of Citadel Securities.[3] From 2005 to 2016, he was the Chief Operating Officer of Microsoft. As COO, Turner was responsible for Microsoft's worldwide sales, field marketing and services organization of 51,000 employees in more than 190 countries.[3] Prior to joining Microsoft, Turner spent nearly two decades at Walmart where he worked his way up from a cashier to Chief Information Officer and later President and CEO of the Walmart-owned retailer, Sam's Club.[4]

Early life and education[edit]

In 1987, Turner earned a Bachelor of Science in Business Administration with a concentration in Management from East Central University in Ada, Oklahoma where he was a member of the Pi Kappa Alpha Fraternity.[5] During his college years, he worked full-time as a cashier at Walmart.[6]

Career[edit]

Walmart[edit]

Turner worked nearly 20 years at Walmart. He began working as a cashier at Walmart in 1985 in his hometown of Ada, Oklahoma. While attending college, he rose through the store ranks, to customer service manager, housewares department manager and head office cashier. After several promotions, Turner found himself in the auditing department, where he came into contact with Sam Walton.[7] On Walton’s advice, Turner joined the company's information systems division, where he worked his way through a succession of jobs: business analyst, strategy manager, director, Assistant CIO and then CIO.[8] In 1995, at the age of 29, Turner became the youngest Corporate Vice President and Officer ever named at Walmart.[9] In February 2000, Turner became the Chief Information Officer of Walmart at the age of 34, when former Walmart CIO Randy Mott departed for Dell.[10] As the CIO of Walmart, Turner oversaw Walmart's information technology and worldwide data-tracking system. The division consisted of over 2,000 employees in Bentonville, Arkansas. As CIO, Turner led a team that developed retail-specific applications such as Retail Link at Walmart.[11]

Sam's Club[edit]

In 2002, Turner replaced Tom Grimm as the President and Chief Executive Officer of the Walmart-owned retailer Sam's Club, which had over 46 million members and over $37.1 billion USD in annual sales.[12] Under Turner, Sam's Club focused on lowering prices to win over small-business customers. In his last fiscal year as CEO, Sam's Club turned in a 5.8 percent sales growth at stores open at least a year, which was nearly double the 2.9 percent sales growth at U.S. Walmart stores.[13] In addition to his role at Sam's Club, he was also a member of the executive committee at Walmart.[14] Turner was the President and CEO of Sam's Club until his departure for Microsoft in 2005.

Microsoft[edit]

In 2005, Microsoft hired Kevin Turner to be its Chief Operating Officer (the prior COO, Rick Belluzzo, had left the company in 2002 and no replacement had been hired).[15] Microsoft offered Turner a $7 million up-front payment, and other stock awards to help compensate him for stock-based pay that he lost when he left Walmart. Microsoft also gave Turner 325,000 shares of stock that would vest over a period of many years, beginning in 2008 and running through to retirement. Turner would have been required to forfeit the entire $7 million up-front payment had he left voluntarily or been terminated for cause before completing 12 months of employment. A portion of the hiring bonus would have had to have been repaid had he left voluntarily within three years or been terminated for cause. Turner was also eligible for a bonus of up to the amount of his salary and was enrolled in the company's stock award program, with a target award of 624,000 shares (the actual amount determined by Microsoft's achievement of certain goals). Finally, Turner was offered Microsoft's "executive relocation assistance program," in which the company had arranged for a third party to purchase his current primary residence at its appraised value had it not sold as of a mutually agreed-upon date.[16] Turner accepted the offer and moved his wife and three children to Washington State where, in September 2005, he became the Chief Operating Officer of Microsoft.

From 2005 to 2016, Turner was responsible for the strategic and operational leadership of Microsoft's worldwide sales, field marketing and services organization (SMSG). He also managed support and partner channels, Microsoft stores, and corporate support functions including information technology, licensing and pricing, and operations.[17] His organization included over 51,000 employees in more than 190 countries. In 2009, Turner started Microsoft's entry into the Retail Stores business.[18] Along with Microsoft Chief Executive Officer Satya Nadella and other senior executives, Turner was on the Senior Management Team that set the overall strategy and direction for Microsoft.

As COO, Turner introduced procedures such as a “conditions of satisfaction” document that details what Microsoft will provide each client.[19] A screw-up required a “correction of errors” in which employees autopsied the mistake and laid out steps to ensure it did not happen again.[19] He also created standard scorecards with 30 categories to measure each subsidiary’s performance.[19] At Microsoft, Turner was known for his speeches at partner and sales events that amped up the rivalry with competitors like Oracle, Google and IBM.[19]

In July 2016, after eleven years as COO, Turner left Microsoft to join Citadel LLC. From 2005 to 2016, Turner helped increase Microsoft's yearly revenue from $37 billion to over $93 billion.[20] After his departure, Microsoft CEO Satya Nadella stated that in his time as COO, Turner "built the sales force into the strategic asset it is today with incredible talent, while at the same time more than doubling our revenue and driving customer satisfaction scores to the highest in company history."[21]

Citadel LLC[edit]

In July 2016, Turner left Microsoft to become the Vice Chairman of Citadel LLC and the Chief Executive Officer of Citadel Securities.[22] Citadel Securities is a market maker, providing liquidity and trade execution to retail and institutional clients.[23] Turner's team included Jamil Nazarali, head of Citadel Execution Services, and Paul Hamill, global head of fixed, income, currencies and commodities for Citadel Securities.[24] His appointment occurred after Citadel Securities purchased the designated market-maker business of KCG Holdings and the Automated Trading Desk, a computer-based market making pioneer owned by Citigroup.[25] On January 27, 2017, Turner left his position at Citadel Securities.[26]

Core Scientific[edit]

In July 2018, Turner became the President and CEO of Core Scientific, a new blockchain and artificial intelligence start-up. The company was co-founded by former Myspace CTO and co-founder, Aber Whitcomb. Core Scientific is a Blockchain and Artificial Intelligence hosting, transaction processing and application development company.[27]

Boards and Other Roles[edit]

In 2010, Turner was elected to the Nordstrom Board of Directors. Turner is on the technology and finance committees as a part of his board role.[28] In 2017, Albertsons appointed Turner as Vice Chairman of the Board of Managers of AB Acquisition, its direct parent company. He was also named as the Senior Advisor to Albertsons Chairman and CEO, Robert G. Miller.[29]

Awards and Honors[edit]

  • He was among TIME Magazine's People To Watch In International Business.[31]
  • In 1997, Turner became the recipient of the first "Sam M. Walton - Entrepreneur Of The Year" Award, which is the highest honor given at Walmart and is voted on by the Walton Family.[32]
  • CIO Magazine awarded Turner the 20/20 Vision Award, CIO 100 Award and was named to the CIO Hall Of Fame in 2007.[34]

References[edit]

  1. ^ "Executive Profile: Brian Kevin Turner". Bloomberg Businessweek.
  2. ^ "Albertsons picks up Walmart, Microsoft vet". Supermarket News. 7 August 2017. Retrieved 7 August 2017.
  3. ^ a b "Kevin Turner, Microsoft Executive, to Join Citadel Securities".
  4. ^ B. Kevin Turner. Chief Operating Officer. Microsoft.
  5. ^ "East Central University". Ada Works. Archived from the original on 2015-09-23.
  6. ^ "A Wall Street CEO who started out as a Walmart cashier shares his best careers advice". Yahoo.com.
  7. ^ Massa and Leising (27 January 2017). "Wal-Mart to Wall Street Dream Dies as Citadel Securities CEO Out". Bloomberg.com.
  8. ^ Fried, Ina. "Microsoft taps Wal-Mart exec as new COO". CNET.
  9. ^ Levinson, Meridith. "CIO 20/20 Honorees--Leadership Profile: Kevin Turner of Sam's Club". CIO.com.
  10. ^ Lundberg, Abbie. "Wal-Mart: IT Inside the World's Biggest Company".
  11. ^ Bort, Julie. "Microsoft COO Kevin Turner has left the company to become CEO at another firm". Business Insider.
  12. ^ "Sam's Club - Tom Grimm Announces Retirement from SAM'S CLUB". corporate.samsclub.com.
  13. ^ "Wal-Mart Loses Second Top Exec of Year | Fox News". Fox News. 5 August 2005.
  14. ^ "Kevin Turner - 40 Under 40 - 2002 | Arkansas Business News | ArkansasBusiness.com". www.arkansasbusiness.com.
  15. ^ Citrano, Virginia (5 August 2005). "Microsoft Names Wal-Mart Exec As COO - Forbes". Forbes.
  16. ^ "Microsoft Offer Letter". Wall Street Journal. August 4, 2005.
  17. ^ "Microsoft Appoints Kevin Turner as Chief Operating Officer | News Center". news.microsoft.com.
  18. ^ Foley, Mary Jo. "Microsoft to open retail stores near Apple's this fall | ZDNet". ZDNet.
  19. ^ a b c d Bass, Dina. "Microsoft's Nadella Reshapes Top Management as Turner Leaves". Bloomberg.com.
  20. ^ Foley, Mary Jo. "Microsoft COO Kevin Turner leaving for CEO job at Citadel Securities | ZDNet". ZDNet.
  21. ^ Wingfield, Nick; Stevenson, Alexandra (7 July 2016). "Kevin Turner, Microsoft Executive, to Join Citadel Securities". The New York Times.
  22. ^ Kishan, Neil Callanan ncallanan Saijel. "Citadel Names Microsoft's Turner to Lead Securities Unit". Bloomberg.com.
  23. ^ Kelly, Kate. "Microsoft COO B. Kevin Turner to join Citadel to run market-making business". CNBC. CNBC.
  24. ^ Stafford, Philip (7 July 2016). "Citadel appoints Microsoft's Turner to head market-making unit". Financial Times.
  25. ^ McCoy, Kevin. "Citadel Securities buys Citi market-making assets". USA Today.
  26. ^ Marek, Lynne. "Citadel Securities CEO Turner exits". Crain's Chicago Business.
  27. ^ Soper, Taylor (3 July 2018). "Ex-Microsoft COO Kevin Turner emerges at helm of secretive blockchain startup co-founded by former Myspace CTO". GeekWire. Retrieved 17 October 2018.
  28. ^ "Microsoft COO Kevin Turner named to Nordstrom's board - Puget Sound Business Journal". Puget Sound Business Journal.
  29. ^ Wilson, Marianne. "Former Walmart, Microsoft exec joins Albertsons". Chain Store Age.
  30. ^ Boorstin, Julia; Watson, Noshua. "40 Under 40 The celebration of youth flamed out with the dot-coms, but these 40 (plus one brother act) show that the young have remained restless. - September 15, 2003". fortune.com.
  31. ^ Gregory, Sean (23 September 2002). "People to Watch in International Business". Time.
  32. ^ Bort, Julie. "Microsoft COO Kevin Turner has left the company to become CEO at another firm". Business Insider.
  33. ^ "Distinguished Alumni - East Central University". alumni.ecok.edu.
  34. ^ staff, CIO.com. "CIO Hall of Fame honorees". CIO.
  35. ^ "2007 Top 25 Most Innovative Executives". CRN.
  36. ^ "Business 2.0 - Magazine Article - Printable Version - The 20 Young Execs You Need to Know". www.lyberty.com.
Business positions
Preceded by
Randy Mott
Executive Vice President and Chief Information Officer
Wal-Mart

2000–2002
Succeeded by
Linda Dillman
Preceded by
Tom Grimm
President and Chief Executive Officer
Sam’s Club

2002–2005
Succeeded by
Doug McMillon
Preceded by
Rick Belluzzo
Chief Operating Officer
Microsoft

2005-2016
Succeeded by
None
Preceded by
Peng Zhao
Vice Chairman of Citadel LLC and Chief Executive Officer
Citadel Securities

2016–2017
Succeeded by
Peng Zhao