Dive Brief:
- Rob Walton, the eldest son of Walmart founder Sam Walton, will step down from the board on June 5, the retail giant said in its annual report, released Thursday.
- Walton served on the board for more than 40 years, and as chair from 1992 to 2015, according to Walmart corporate materials. In 2015, his son-in-law Greg Penner succeeded him as chair.
- The remaining 10 board members will again be nominated, along with Chipotle CEO Brian Niccol. If elected, Niccol would be the fifth independent director since 2017, per the annual report.
Dive Insight:
It’s the end of an era, as one of Sam Walton’s children, now 79 and employed by Walmart in some capacity or other since 1969, steps away. Rob Walton joined the company after practicing law for a time, per the company’s proxy statement. Even before that, he worked with his father at the family’s original 5&10 store.
In addition to his longtime tenure on the board and stint as chairman, Rob Walton served in various leadership positions, including senior vice president, corporate secretary, general counsel and vice chairman, and was instrumental in persuading Sam Walton to expand internationally, starting with locations in Mexico. He took over as board chair two days after his father’s death.
The sprawling company — which last year notched nearly $650 billion in total revenues and more than $16 billion in net income, and runs more than 10,000 stores worldwide — has long kept family members on board. Nearly a decade ago, as Rob Walton passed the baton to Penner, his statement emphasized their family ties.
“We're very fortunate to have a leader of Greg's capacity as our new chairman,” Walton said. “He knows Walmart. He loves Walmart. And he's sharp as a tack. He was smart enough to marry my daughter, Carrie, after all.”
In a statement, Penner called his father-in-law one of the “incredible leaders” who helped build Walmart into what he called “the world's leading omni-channel retailer.”
“His leadership has been critical as we've grown our business over so many years,” Penner said. “There's no doubt Sam would be very proud. On behalf of our associates and the Board, I'd like to thank him for his unparalleled and amazing service.”
