Wal-Mart Stores Inc. Chief Financial Officer Charles Holley will retire at the end of the year and pass the job to Brett Biggs, an executive in the retailer's international division.

Biggs, 47, joined Wal-Mart in 2000 and currently serves as CFO of the international unit, the Bentonville, Ark.-based company said Friday in a statement. Holley, 59, will stay on until Jan. 31 to help with the transition.

Biggs will be under pressure to manage a tight ship. Wal-Mart's effort to raise wages and improve training programs is adding $1 billion in expenses, increasing the importance of cutting costs elsewhere. The retailer eliminated hundreds of jobs at its headquarters last week in a move that Chief Executive Doug McMillon said would make Wal-Mart "a more nimble organization."

Holley has served as Wal-Mart's CFO since December 2010.

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