Wal-Mart names executive with international wing as next CFO

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NEW YORK (AP) — Wal-Mart named Brett Biggs, an executive in its international division, as its next chief financial officer Friday.

Biggs will take over on Dec. 31, though Charles Holley, 59, who is retiring, will remain with Wal-Mart for a month to help with the transition.

Biggs, 47, has been CFO and executive vice president of Wal-Mart's international business since 2014. He has played a number of roles at Wal-Mart since joining the company in 2000.

Holley has been CFO for nearly five years and has been with the company for more than two decades.

Wal-Mart, the world's largest retailer, is trying to boost sales. It has increased spending on its online operations to compete with Amazon.com and other online retailers, and it is trying to improve its selection and customer service at stores.

The company announced three other personnel changes Friday. It named Steve Bratspies as chief merchandising officer of its U.S. stores, Charles Redfield as executive vice president of food for at U.S. stores and John Furner as executive vice president of merchandising for the company's warehouse store chain Sam's Club.

Shares of Wal-Mart Stores Inc., based in Bentonville, Arkansas, fell 21 cents to $66.67 in morning trading Friday. Shares are down about 22 percent since the beginning of the year.