Rob Walton has stepped down from his position as Chairman of the Board of Directors at Walmart. Succeeding Walton is his son-in-law, Greg Penner, who assumed the role as Walmart’s third Chairman at the company’s annual shareholders meeting on June 5.
Prior to the appointment, Penner served as the Board’s Vice Chairman. Walmart appointed him to the newly created position at the retailer’s 2014 annual meeting.
Walton served as the Board’s Chairman since 1992, when he took over for his late father, Walmart Founder Sam Walton. He will continue to serve as a director on the Board.
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Penner joined Walmart as a management trainee and held numerous positions within the company, including SVP of Finance and Strategy for Walmart.com and CFO of its Japan unit. Since 2005, he has been a general partner of investment management firm Madrone Capital Partners. Penner joined the Walmart Board of Directors in 2008.
“This transition demonstrates Walmart’s commitment to long-term succession planning and keeping high caliber, capable leaders at the head of our company,” Walton said. Penner’s service to Walmart “spans more than 15 years, and during that time he has had a significant impact, both as an associate and as a Board member the past seven years.”
For example, Penner has “done an outstanding job as our Vice Chairman over the past year, and he has provided strong leadership and guidance as the Chairman of our Technology and e-Commerce Committee since it was formed in 2011,” Walton added. “He brings an ideal blend of finance, technology and international business expertise — as well as a deep knowledge and love of Walmart — to this role.”
Walmart also is realigning the composition of its Board committees so that most of the independent directors will serve on at least two committees. This includes the company’s governance committees (the Audit Committee and the Compensation, Nominating and Governance Committee) and strategy committees (the Strategic Planning and Finance Committee and the Technology and e-Commerce Committee).
