Wal-Mart Names New Chief Financial Officer
October 09 2015 - 10:18AM
Dow Jones News
By Ezequiel Minaya
Wal-Mart Stores Inc. said Friday it has tapped a new chief
financial officer hailing from its international operations, as the
world's largest retailer looks to stoke its top and bottom
lines.
The company said 47-year-old Brett Biggs will take over for
current Financial Chief Charles Holley, who will retire as CFO at
the end of the year and then remain for another month to help with
the transition. Mr. Holley is 59 years old.
Since 2014, Mr. Biggs has served as chief financial officer of
Wal-Mart International. Before his current role, he served as chief
financial officer of Wal-Mart U.S. from 2012 until 2014, and as
senior vice president of Sam's Club operations from September 2010
to January 2012.
"Brett is a strong leader whose broad experience uniquely
qualifies him to lead our finance and strategy areas," said Doug
McMillon, Walmart's Chief Executive. "Having had a variety of
important roles in all three of Wal-Mart's business segments, Brett
is well prepared."
Mr. Holley had been CFO since late 2010 and has spent more than
20 years with the company.
Faced with increased competition, Wal-Mart is spending heavily
to make its stores more convenient places to shop, adding staffing
to speed checkout lines and make sure shelves are better stocked.
In April, the company raised its minimum hourly wage paid to $9 and
said it would boost pay to $10 for many employees by February.
The company's investments on behalf of customers have crimped
profits but helped reverse a sales slump: Wal-Mart is drawing more
shoppers who spend slightly more during their visit.
In a conference call following the release of second-quarter
results, Mr. McMillion said the company was in a period of change
but noted that it had rebounded from similar circumstances
before.
In addition to higher wages, Wal-Mart's profit has been squeezed
by currency fluctuations and lower-than-expected reimbursements for
its pharmacy business.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 09, 2015 10:03 ET (14:03 GMT)
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