Wal-Mart Stores, Inc. (NYSE:WMT) named a new CFO on Friday that marks the latest change in its management as the company struggles amid weak profit. WMT said Brett Biggs would take over the role of chief financial officer from Charles Holley, who will step down later this year. Biggs, 47 years old, currently manages the finances of WMT’s international division.
The world’s largest retailer in terms of revenue also announced that it has selected Steve Bratspies as its chief merchandising officer, which is an important responsibility deciding what and how the company will sell products at its roughly 4,500 stores across the U.S. Bratspies is filling a position that has been vacant for a year after the exit of Duncan Mac Naughton.
The appointments are the latest in series of changes in the top positions under CEO Doug McMillon, who has been restructuring the company since he took charge of the retailer about 18 months ago. Few days ago, McMillon disclosed a plan to trim 450 employees at its headquarters located in Arkansas.
Goldman Sachs stated in a note that naming new CFO follows continued drops in profit estimates and noted investors have been seeking major changes at Wal-Mart. McMillon and other leading executives are set to address investors and analysts at a scheduled annual meeting in the coming week.
In August, the company announced earnings that fell short of consensus forecast and also slashed its profit outlook for the full year, with margins hurt by an investment of $1 billion to increase workers’ salaries.
Biggs has worked in all of the three major divisions of Wal-Mart since he joined the retailer way back in 2000.
An analyst at Edward Jones, Brian Yarbrough said one focus for shareholders will be if the new CFO looks to re-allocate resources from overseas operations that are offering much lower returns as compared to the U.S. business.
