Wal-Mart to increase global work force 36% in next five years
Bentonville, Ark. Wal-Mart Stores announced Thursday that it would up its headcount to 3 million in five years, a 36% work force increase the retailer said is based on projected global economic growth.
According to a report by Bloomberg, the retailer’s executive VP human resources Susan Chambers told attendees at a New Delhi conference Thursday that “the opportunity for growth is not just in India but global.” She said the personnel additions would “mostly” be outside the United States.
Wal-Mart’s current global employee count is 2.2 million. Overseas sales for the retailer by revenue have grown 91% in the last five years to $100.1 billion, almost triple the pace in the United States, according to data compiled by Bloomberg.
Wal-Mart is boosting overseas expansion to offset slowing growth in the United States, where same-store sales have declined for five consecutive quarters. Wal-Mart plans to enter Africa by acquiring Massmart Holdings Ltd. in a transaction worth about $4.6 billion.
Holley named Walmart CFO
BENTONVILLE, Ark. – Veteran finance executive Charles Holley was named to replace Tom Schoewe as CFO of Wal-Mart Stores Inc., the company announced late Wednesday. Holley joined Walmart in 1994 and most recently served as EVP finance and treasurer. Schoewe joined Walmart in 2000 as CFO.
Walmart CEO Mike Duke called Holley a talented strategist who thoroughly understands the details of Walmart’s 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,” Duke said.
The change will take effect on Nov. 30, and Schoewe will remain with the company until Jan. 31, 2011.
Beyonce’s mom gets exclusive line at Walmart
NEW YORK – Tina Knowles announced the introduction of her Miss Tina by Tina Knowles line exclusively at Walmart in October.
The collection will feature denim, graphic t-shirts, embellished tops, day dresses, tunics, jackets, leggings and track suits, with each item retailing for $20 or less.
Tina Knowles is the co-creative director and co-founder of the House of Dereon, Dereon, and Miss Tina fashion collections produced by Beyond Productions, a partnership with daughter Beyonce.