Wal-Mart Stores announced Friday that CFO Charles Holley is retiring after five years on the job and will be replaced by Walmart International finance chief Brett Biggs.

Charles Holley

Charles Holley

Holley’s retirement continues the executive turnover at Wal-Mart, where, with the exception of Sam’s Club CEO Rosalind Brewer, the entire top tier of executives has been replaced since Doug McMillon took over as CEO two and a half years ago.

Holley, 59, joined Wal-Mart from Tandy, now Radio Shack, in 1994 and has served as CFO since December 2010. He will stay on until Jan. 31 to help Biggs with the transition.

“Charles has overseen our global finance and strategy areas during a period of immense company growth and change,” McMillon said in a news release. “He has been instrumental in shaping Walmart’s strong financial position while driving significant shareholder returns.”

The CEO described Biggs, 47, as a “strong leader whose broad experience uniquely qualifies him to lead our finance and strategy areas.” He has served as CFO of Walmart International since January 2014.

“Biggs will be under pressure to manage a tight ship,” Bloomberg predicted, noting that Wal-Mart’s effort to raise wages and improve training programs is adding $1 billion in expenses, increasing the importance of cutting costs elsewhere.

Earnings fell short of analysts’ estimates last quarter, and the weak results have contributed to Wal-Mart’s 22% stock decline this year. Last week, the retail giant announced it was laying off 450 workers at its corporate headquarters in a move that McMillon said would make it “a more nimble organization.”

Biggs joined Wal-Mart in 2000 after serving as an M&A analyst at Leggett & Plant, an accountant at Phillips Petroleum, and an auditor at PricewaterhouseCoopers. He was senior vice president of Sam’s Club Operations from September 2010 until January 2012 and CFO of Walmart U.S. from January 2012 until January 2014.

“Having had a variety of important roles in all three of Walmart’s business segments, Brett is well prepared,” McMillon said. “He thoroughly understands Walmart’s operations, how we intend to compete in a dynamic and changing retail environment, and how we can best serve customers, associates and shareholders.”

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