Wal-Mart Stores Inc. said Friday it has tapped a new chief financial officer hailing from its worldwide division, as the world’s largest retailer looks to stoke its top and bottom lines.
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Holley has served as Wal-Mart’s CFO since December 2010.
Biggs, 47, has been CFO of Wal-Mart’s worldwide division since January 2014, and had been CFO of the Walmart USA business before that. Bratspies joined the company in 2005, initially in a marketing role, and later transitioned to merchandising. Bank of America restated an “outperform” rating on shares of Wal-Mart Stores in a research note on Friday, October 2nd. “Having had a variety of important roles in all three of Wal-Mart’s business segments, Brett is well prepared”.
Mr. Holley will receive payments totaling $1.9 million in the two years following his retirement and restricted stock worth about $2.1 million that wasn’t scheduled to vest until 2017 and 2018. Prior to becoming c.f.o., he held various positions at the company, including executive vice-president of finance and treasurer, chief risk officer, senior vice-president of finance over accounting, tax, financial reporting and investor relations, controller and c.f.o. of Wal-Mart global.
Walmart also announced that Steve Bratspies will become chief merchandising officer for US stores beginning on October 19.
The retailer also announced that Bratspies will assume the vacant role of chief merchandising officer that has been handled by Foran since Duncan McNaugton’s departure in November 2014.
“Charles had an opportunity to support Doug while he got everything off the ground, and now he feels it’s the right time to move on”, said Wal-Mart spokesman Randy Hargrove.
Wal-Mart is engaged in retail and wholesale operations in the US, as well as Brazil, China, India, Japan, Mexico, the United Kingdom and several other countries.
Additionally, John Furner was appointed executive vice president, merchandising for Sam’s Club. “He has been instrumental in shaping Walmart’s strong financial position while driving significant shareholder returns”. The stock has slid 22 percent this year.
“Steve is a true leader and an example of the rich talent that exists within the merchandise organization”, noted Foran.
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“Walmart is known for its world-class merchandising organization”. He has held roles in finance, new ventures and marketing at Frito-Lay, and consulting positions with A.T. Kearney and Andersen Consulting.
