CFO Charles Holley retiring, Steve Bratspies Named New CMO
Walmart has announced two major executive changes: current Chief Financial Officer (CFO) Charles Holley is retiring, and Steve Bratspies has been named as new Chief Merchandising Officer (CMO). The retail giant has undergone extensive revamping over the past year, and has been implementing new initiatives in an effort to turnaround its margins and make its operations more efficient.
Holley will retire on December 31, 2015, and he will be replaced by current Walmart International CFO Brett Biggs. From December 31 until January 31, 2016, Holley will serve as an executive vice president in a transitional role, according to company spokesmen.
Meanwhile, Steve Bratspies will assume the position of chief merchandising officer for U.S. stores as of October 19, 2015, and he will oversee all merchandise categories for the more than 4,500 U.S. stores.
Greg Foran, Walmart U.S. president and CEO said, “Steve is a true leader and an example of the rich talent that exists within the merchandise organization. His outstanding merchandising instincts and commitment to innovation and price leadership will challenge the status quo to serve our customers better.”
The retail giant has taken a number of steps to improve customer experiences in-store and apply innovations to help boost sales. This commitment to innovation is also seen in Walmart’s annual spending for IT. IDC Research found that the company topped the list, outspending the #2 contender by double the dollars.
“Walmart is known for its world-class merchandising organization,” Bratspies said. “From the buyers and replenishment managers to our merchandise operations experts, it’s a dedicated team with a commitment to serving customers that I’m honored to lead.”
“Going forward, we’ll continue our relentless focus on our customers –we’ll move with speed and conviction to ‘super-serve’ the millions who shop Walmart. We will stay true to our mission by strengthening our commitment to everyday low prices, optimizing our assortment and winning at omni-channel retailing through strong partnerships with suppliers and a continued investment in our associates.”
That commitment was demonstrated earlier this year when Walmart announced that it was raising wages for some 500,000 employees.
