Walmart names new CFO
Bentonville, Ark.-based Walmart announced its board of directors has elected Charles Holley, 54, as chief financial officer, effective Nov. 30.
Holley, currently EVP finance and treasure, will succeed Tom Schoewe who agreed to stay on until Jan. 31 to help with the transition, the company said.
"Charles has great experience both inside Walmart 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 organization he has led stronger.
"Charles has also played a strong role in pioneering the company's international expansion. He is respected within the company as well as by the investment community, and has been a key part of our strategic discussions for a number of years."
Holley joined Walmart in 1994. Previous to that, he 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.
Schoewe, 57, joined Walmart in 2000, and was previously with Black & Decker for 14 years, most recently as CFO.
"Tom has been a key member of Walmart's strategic team for the past decade and has overseen our financial functions during a period of tremendous growth and international expansion,” said Duke. “During that time he played a leading role in strengthening our balance sheet and our financial controls, and in establishing the financial priorities of growth, leverage and returns that guide our business.
"One of Tom's greatest strengths is his focus on talent development, and he has built a strong and deep team across all our operations," said Duke. "Under his leadership, the company has continued to increase its returns to shareholders, and through the first half of this fiscal year gave back $9.4 billion through dividends and share repurchase."