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Wal-Mart: Walmart Appoints Brett Biggs New Chief Financial Officer

The following excerpt is from the company's SEC filing.

Charles Holley to retire as CFO Dec. 31, 2015 after serving the company for over 20 years

BENTONVILLE, Ark., Oct. 9, 2015 -- Wal-Mart Stores, Inc. (NYSE: WMT) today announced that Brett Biggs, 47, will succeed Charles Holley, who has elected to retire as the company's chief financial officer. The change will be effective Dec. 31, 2015, and Holley will stay on until Jan. 31, 2016, to help with the transition. Holley, 59, has served as Walmart’s executive vice president and chief financial officer since December 2010.

“Brett is a strong leader whose broad experience uniquely qualifies him to lead our f inance and strategy areas,” said Walmart President and Chief Executive Officer Doug McMillon. “Having had a variety of important roles in all three of Walmart’s business segments, Brett is well prepared. He thoroughly understands Walmart’s operations, how we intend to compete in a dynamic and changing retail environment and how we can best serve customers, associates and shareholders.”

McMillon continued: “Charles has overseen our global finance and strategy areas during a period of immense company growth and change. He has been instrumental in shaping Walmart’s strong financial position while driving significant shareholder returns. One of Charles’ strengths is also talent development and succession planning. Under his leadership, Walmart’s finance function has transformed into a best in...