Wal-Mart Stores, Inc. (WMT), the world's largest retailer, said Wednesday that Charles Holley will assume the role of chief financial officer on November 30, when the company's current CFO Tom Schoewe retires.
Schoewe, 57, will remain with the Bentonville, Arkansas-based company until January 31, 2011 to assist with the transition. He informed the company about his retirement plans last week.
Holley, who joined Walmart in 1994, is currently executive vice president, finance and treasurer. He also serves as the company's chief risk officer. From 1994 through 2002, Charles held several roles in Walmart International including senior vice president and chief financial officer for the division. From 2003 to 2005, he served as senior vice president and controller.
Prior to joining Walmart, Holley worked for Tandy Corp., now Radio Shack, as managing director for its European Memorex division and served as director of finance for its international operations. He also spent more than 10 years with audit firm Ernst & Young.
Schoewe had joined Walmart as executive vice president and chief financial officer in January 2000 after spending 14 years at Black and Decker Corp., most recently as chief financial officer.
"Tom has been a key member of Walmart's strategic team for the past decade and has overseen our financial functions during a period of tremendous growth and international expansion. During that time he played a leading role in strengthening our balance sheet and our financial controls, and in establishing the financial priorities of growth, leverage and returns that guide our business," said Wal-Mart CEO Mike Duke.
The company said Holley's successor will be named at a later date.
Wal-Mart shares, which have traded in a range of $47.77 to $56.27 over the past year, closed Wednesday's regular trading session at $53.35, down 47 cents. The stock is currently gaining 2 cents in after hours trading.
For comments and feedback: editorial@rttnews.com