Wal-Mart Stores, Inc. (NYSE: WMT) is getting a new CFO. The company has an SEC filing that shows that Thomas M. Schoewe will retire on November 30 as executive vice president and chief financial officer of the company. Charles M. Holley will replace him. It is interesting that it has taken Wal-Mart six days to divulge the news. Large companies often are given enough warning about executive departures so they can line-up a replacement.
Normally, it spooks investors when they see a CFO resignation, even if it is a retirement. After all, if any officer is likely to know where skeletons are it is a CFO. They handle the money. This does not seem to be anything above and beyond what the company is saying: a retirement, even if Schoewe is still in his 50’s. Wal-Mart shares closed down 0.87% at $53.35 and the 52-week trading range is $47.77 to $56.27. Shares are down marginally in the after-hours session, but not enough to make note of.
The full SEC filing shows the exact terms of the departure and replacement, as well as agreements in place to keep Schoewe from competing or using Wal-Mart trade secrets.
JON C. OGG