The board of directors of Wal-Mart Stores Inc has elected Charles Holley to succeed Tom Schoewe as the company’s new chief financial officer (CFO). The change will be effective from November 30, 2010, and Schoewe will stay on until January 31, 2011 to help with the transition.
Holley, 54, joined Wal-Mart in 1994 and is currently executive vice-president, finance, and treasurer. He is responsible for corporate strategy and planning, tax, investor relations, corporate mergers and acquisitions, risk management and treasury operations.
Before joining Wal-Mart, Holley worked for Tandy Corporation (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 Ernst & Young.
“Charles has great experience both inside Wal-Mart and externally,” said CEO Mike Duke. “He is a talented strategist who also thoroughly understands the details of our business and the financial markets. As treasurer, he has helped drive the strategy behind the company’s strong financial position and has made every organisation he has led stronger.”
Schoewe, 57, joined Wal-Mart in 2000. Prior to that, he spent 14 years at Black and Decker, most recently as chief financial officer. Both Holley and Schoewe are recognised leaders within the financial and retail industries and are active in community service. Holley’s successor will be named at a later date.
— IndiaRetailing Bureau
