General Motors hires former Wal-Mart executive image

General Motors, the US based automaker, on Tuesday announced that it has elected Thomas Schoewe, a former chief financial officer of Wal-Mart Stores, to its board of directors.

The addition gives the GM board 12 members. The company says 10 of them are not company employees, Associated Press reports.

Thomas Schoewe, 59, was Black & Decker’s senior vice president and CFO before joining Wal-Mart, where he was responsible of accounting and controls, internal auditing and business planning from 2000 to 2010.

Schoewe also is on the boards of KKR Management LLC, Northrop Grumman Corp. and PulteGroup Inc.

“We’re fortunate to have Tom join GM’s board of directors,” said GM CEO and Chairman Dan Akerson in a statement. “He brings a wealth of business planning, financial experience and proven leadership, gained over more than 35 years at leading consumer-facing companies.”

The announcement comes shortly after Wal-Mart said Tuesday that its third-quarter profit took a hit as the retailer kept prices low to attract shoppers back to its stores.
Wal-Mart’s total net sales during the quarter hiked over eight percent to $109.52 billion, and included a $1.3 billion benefit from foreign currency exchange, and $2.1 billion from acquisitions. China, Mexico and Argentina provided the strongest growth. On a constant currency basis, net sales were up only 15.3 percent.