Wal-Mart taps Holley as cfo, Schoewe retiring

HTT Staff -- Home Textiles Today, 9/30/2010 3:21:41 PM

Bentonville, Ark. - Wal-Mart Stores Inc.'s board of directors has elected Charles Holley as the company's new cfo, replacing Tom Schoewe, who plans to retire in November.

The change will be effective Nov. 30, but Schoewe will stay on until Jan. 31 to help with the transition.

"Charles has great experience both inside Walmart and externally," said Mike Duke, ceo. "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 organization he has led stronger.

Duke also credited Holley with playing "a strong role in pioneering the company's international expansion."

Holley joined Walmart in 1994 and is currently evp, finance and treasurer, responsible for corporate strategy and planning, tax, investor relations, corporate mergers and acquisitions, risk management, and treasury operations, which includes capital markets and cash management. Prior to joining Walmart, he worked for Tandy Corporation (now known as 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.

Schoewe joined Walmart in 2000. Prior to that, he spent 14 years at Black and Decker, lastly as its cfo.

Holley's successor will be named at a later date, the company said.