BENTONVILLE, Ark. – Wal-Mart Stores Inc. named Brett Biggs the company’s new CFO effective Dec. 31. Biggs succeeds Charles Holley who is retiring. However Holley will stay until Jan. 31, 2016 to help with the transition.

Prior to his promotion, Biggs served as executive vice president and CFO of Walmart International, where he directed international strategy and finance activities, including business planning and analysis, financial services and support for real estate and mergers and acquisitions. He also served as CFO of Walmart US from January 2012 to January 2014. Biggs previously worked in a variety of roles at Walmart since joining the company in 2000.

“Brett is a strong leader whose broad experience uniquely qualifies him to lead our finance and strategy areas,” CEO Doug McMillon said. “Having had a variety of important roles in all three of Walmart’s business segments, Brett is well prepared. 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.”

Holley joined Walmart in 1994. In his role as CFO, he was responsible for accounting and controls, corporate strategy and development, business planning and analysis, internal auditing, treasury, tax and investor relations.

“Charles has overseen our global finance and strategy areas during a period of immense company growth and change. He has been instrumental in shaping Walmart’s strong financial position while driving significant shareholder returns,” McMillon said. “One of Charles’ strengths is also talent development and succession planning. Under his leadership, Walmart’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 CFO.”