Dive Brief:
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Wal-Mart Stores Inc. Friday announced that CFO Charles Holley will retire, and that 47-year-old Brett Biggs, Wal-Mart International CFO, will take over the job Dec. 31
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Holley took over as CFO in 2010 and worked there in other roles for more than two decades.
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Wal-Mart has also named Steve Bratspies, previously the retailer’s grocery merchandise chief, as chief merchandising officer for U.S. stores.
Dive Insight:
Less than a year ago, just ahead of the holiday rush, Wal-Mart merchandise chief Duncan MacNaughton abruptly left, and Wal-Mart U.S. CEO Greg Foran at the time said the position wouldn’t be filled so he could observe what the job needed.
Foran has apparently found what he was looking for in Bratspies, who has been with the retailer for a decade.
Wal-Mart is investing in changes to stores and in several omnichannel initiatives to compete in a retail environment that has seen Amazon dominate in e-commerce and several traditionally brick-and-mortar retailers fight back.
Among the retailer’s priorities has been keeping shelves better stocked with products its customers want.
"Steve is a true leader and an example of the rich talent that exists within the merchandise organization,” Foran said in the company’s blog. “His outstanding merchandising instincts and commitment to innovation and price leadership will challenge the status quo to serve our customers better.”