Wal-Mart has appointed Charles Holley as CFO to succeed Tom Schoewe, who is retiring from the business.

The US retail giant said yesterday (29 September) that Schowe will stay on until 31 January to help with the transition.

Holley joined Wal-Mart in 1994 and is currently executive vice president of finance and treasurer. Before joining Wal-Mart, Holley worked for Tandy Corporation (now Radio Shack) as managing director of its European Memorex division and served as director of finance for its international operations. He also spent more than 10 years with Ernst & Young.

The company has seen a number of upper-level executive moves in recent months, including the departure of chief merchandising officer John Fleming.