BENTONVILLE, Ark. – Wal-Mart Stores Inc.’s board of directors has elected Charles Holley, 54, to succeed Tom Schoewe as the company's chief financial officer. The change is effective Nov. 30; Schoewe will stay on until Jan. 31, 2011, to help with the transition.

"Charles has great experience both inside Walmart and externally," said Mike Duke, CEO. "He is a talented strategist who also thoroughly understands the details of our business and the financial markets. As treasurer, he has helped drive the strategy behind the company's strong financial position and has made every organization he has led stronger.

"Charles has also played a strong role in pioneering the company's international expansion,” he added. “He is respected within the company as well as by the investment community, and has been a key part of our strategic discussions for a number of years."

"One of Tom's greatest strengths is his focus on talent development, and he has built a strong and deep team across all our operations," Duke continued. "Under his leadership, the company has continued to increase its returns to shareholders, and through the first half of this fiscal year gave back $9.4 billion through dividends and share repurchase."

Holley joined Wal-Mart in 1994 and is currently executive vice president, finance and treasurer. He is responsible for corporate strategy and planning, tax, investor relations, corporate mergers and acquisitions, risk management, and treasury operations, which includes capital markets and cash management. Holley's successor will be named at a later date.

Wal-Mart Stores, Inc. operates more than 8,400 retail units under 55 different banners in 15 countries. Fiscal year 2010 sales totaled $405 billion.