Wal-Mart says CFO to retire

On Friday, the company announced that at the end of the year current CFO Charles Holley will retire and be succeeded by Brett Biggs. Charles Redfield, an executive at Wal-Mart’s Sam’s Club division, will replace him in that position, the retailer said.

Wal-Mart China, which owns almost all of the remaining shares, has said this decision will not influence the company’s operations. Biggs has been with the company since 2000.

Wal-Mart Stores (NYSE:WMT) traded up 0.21% during trading on Wednesday, reaching $66.50. The Walmart U.S. segment operates retail stores in all 50 states in the United States, Washington D.C. and Puerto Rico, with three primary store formats, as well as digital retail.

Biggs has been executive vice-president and c.f.o. of Wal-Mart worldwide, where he oversees global strategy and finance activities, including business planning and analysis, financial services and support for real estate and mergers and acquisitions.

From 1994 through 2002, Mr. Holley held several roles in Walmart worldwide, including being CFO for the division.

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. Bratspies joined the Walmart in 2005 and has held several leadership positions at in marketing, dry grocery and general merchandise.

Additionally, John Furner was appointed executive vice president, merchandising for Sam’s Club. He adds that many of Wal-Mart’s worldwide businesses are much further along in small format management, a relatively new concept for Walmart U.S.

Wal-Mart, France’s Carrefour and Britain’s Tesco have all seen sales growth slip over the past five years on the mainland, losing market share to local rivals, according to consumer analytics firm Kantar Worldpanel.

While China’s retail market has been expanding swiftly, conventional businesses dependent on physical outlets are having tough times due to rapidly growing online merchants. He will continue to report to Foran.

“Steve is a true leader and an example of the rich talent that exists within the merchandise organization”, U.S. CEO Greg Foran said in a statement. Prior to joining Walmart U.S. Bratspies served as chief marketing officer for Specialty Brands.

“Walmart is known for its world-class merchandising organization”. He also held roles as executive VP, finance and treasurer, chief risk officer, controller and senior VP of finance over accounting, tax, financial reporting and investor relations.