BENTONVILLE, ARK. — Brett Biggs has been tapped to succeed Charles Holley as chief financial officer of Wal-Mart Stores, Inc., effective Dec. 31. Mr. Holley will retire after five years in the position.
Since January 2014, Mr. Biggs has been executive vice-president and c.f.o. of Wal-Mart International, where he oversees international strategy and finance activities, including business planning and analysis, financial services and support for real estate and mergers and acquisitions. Previously, he was c.f.o. of Wal-Mart U.S. and senior vice-president of Sam’s Club Operations. Since joining the company in 2000, Mr. Biggs has held a number of roles, including senior vice-president and c.f.o. of Sam’s Club, senior vice-president of corporate finance and assistant treasurer, and senior vice-president of international strategy and mergers and acquisitions.
“Brett is a strong leader whose broad experience uniquely qualifies him to lead our finance and strategy areas,” said Doug McMillon, president and chief executive officer of Wal-Mart. “Having had a variety of important roles in all three of Wal-Mart’s business segments, Brett is well prepared. He thoroughly understands Wal-Mart’s operations, how we intend to compete in a dynamic and changing retail environment and how we can best serve customers, associates and shareholders.”
Mr. Holley joined Wal-Mart in 1994. Prior to becoming c.f.o., he held various positions at the company, including executive vice-president of finance and treasurer, chief risk officer, senior vice-president of finance over accounting, tax, financial reporting and investor relations, controller and c.f.o. of Wal-Mart International.“Charles has overseen our global finance and strategy areas during a period of immense company growth and change,” Mr. McMillon said. “He has been instrumental in shaping Wal-Mart’s strong financial position while driving significant shareholder returns. One of Charles’ strengths is also talent development and succession planning. Under his leadership, Wal-Mart’s finance function has transformed into a best in class organization that is both strong and deep, highlighted by today’s appointment of Brett as our new c.f.o.”