BENTONVILLE, Ark., Nov. 10, 2010 -- Wal-Mart Stores, Inc. (NYSE: WMT) announced today that Jeff Davis, 47, has been promoted to senior vice president and treasurer, effective Dec. 1. In his new role, Davis will assume responsibility for treasury operations, capital markets, investor relations and risk management. Davis succeeds Charles Holley, who has been named to the position of executive vice president and chief financial officer (CFO), also effective Dec. 1.
"Jeff has deep experience in a wide range of financial disciplines that will suit him well as treasurer for Walmart," said Holley. "He also has demonstrated a great understanding of our business and he's developed strong partnerships with our operating segment leaders."
"Walmart has a very strong balance sheet, excellent free cash flow and has consistently returned cash to shareholders, and I'm honored by this opportunity to help build on the company's financial results," said Davis.
Davis, currently senior vice president of finance and strategy for Walmart U.S., joined Walmart in 2006 as vice president of finance for the Walmart U.S. health and wellness merchandise unit. Previously, he served as CFO for Lakeland Tours, LLC, where he led its acquisition growth strategy and was responsible for all accounting, financial reporting treasury and capital structuring, and strategic planning functions. Prior to that, Davis was CFO for McKesson General Medical and he held a number of financial leadership roles at the Hillman Co, a private investment holding company. Davis also spent four years at KPMG Peat Marwick as an audit supervisor.
NOTE: A biography and high resolution photo of Jeff Davis are available at: http://www.walmartstores.com/.
Wal-Mart Stores, Inc., (NYSE: WMT) serves customers and members more than 200 million times per week at more than 8,500 retail units under 55 different banners in 15 countries. With fiscal year 2010 sales of $405 billion, Walmart employs more than 2 million associates worldwide. A leader in sustainability, corporate philanthropy and employment opportunity, Walmart ranked first among retailers in Fortune magazine's 2010 Most Admired Companies survey. Additional information about Walmart can be found by visiting http://www.walmartstores.com/. Online merchandise sales are available at http://www.walmart.com/ and http://www.samsclub.com/.
SOURCE Wal-Mart Stores, Inc.