Wal-Mart Stores, Inc. has appointed Brett Biggs, the executive vice president and CFO of Walmart International, to be the successor of Charles Holloway, the company's CFO, according to a press release issued by Wal-Mart.
The appointment of Biggs will be effective on Dec. 31, 2015, the date Holloway will be retiring as Wal-Mart's CFO.
Doug McMillon, the president and CEO of Wal-Mart, said in the press release that Biggs' broad experience qualifies him to lead the company's finance area.
"Having had a variety of important roles in all three of Walmart's business segments, Brett is well prepared," he said. "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."
As CFO of Walmart International, Biggs was responsible for the international strategy and finance activities of the company, according to the press release.
His role includes business planning and analysis, financial services, and support for real estate, mergers and acquisitions.
Biggs has also worked as the CFO of Walmart U.S. from January 2012 until January 2014, and as the senior vice president of Sam's Club Operations from September 2010 until January 2012, according to the press release.
He joined Wal-Mart in 2000 and has served in a variety of leadership roles for the company.
Holloway, who joined Wal-Mart in 1994, was responsible for the company's accounting and controls, corporate strategy and development, business planning and analysis, internal auditing, treasury, tax and investor relations, according to the press release.
He will remain with the company until Jan. 31, 2016 to help with the transition.
Reuters added that the move marks the latest shuffle of top positions that the company has undergone in McMillon's leadership.
McMillon has been reshaping the retail giant since he took over the company 18 months ago.
Reuters also reported that Goldman Sachs said that the CFO change followed "persistent declines in earnings estimates."
Goldman Sachs mentioned that "investors have been looking for significant changes at the company."
Reuters also stated that Wal-Mart has reported profits that are below estimates in the second-quarter last August.
The company has also cut its annual profit forecast, which is weighed down by the $1 billion investment to boost workers' wages and other cost pressures.
