Wal-Mart Names New Chief Financial Officer

Wal-Mart Stores Inc., which has been searching for a chief financial officer since June, said it selected Thomas Schoewe, who has filled that same role at Black & Decker Corp. since 1993. Schoewe, 47, will join the world’s biggest retailer Jan. 31. He replaces John Menzer, 48, who became Wal-Mart’s top international executive in June. Schoewe, an executive with Black & Decker since 1986, helped lead the power-tools maker through a restructuring in 1998 that included deep job cuts, the sale of struggling divisions and a stock buyback. Separately, Wal-Mart said it has teamed with venture capital firm Accel Partners to create a separate Internet company to speed development of the retailer’s Web site. Wal-Mart will hold a majority of the new company, Wal-Mart.com Inc., and has plans to spin it off in a public offering. The new company, to be based in Palo Alto, will have a separate board and is seeking a chief executive and other executives. The pairing with Accel will “add value” to Wal-Mart’s joint venture with America Online Inc., the world’s biggest Internet service provider, the retailer said. Wal-Mart shares jumped $4.81, or 7.6%, to close at $68.50 on the New York Stock Exchange.