Wal-Mart Stores, Inc. Appoints Greg Penner As New Chairman for Board Of Directors

Wal-Mart director Greg Penner has replaced Rob Walton as the new Chairman for the Board of Directors.

Wal-Mart Inc. will now have a Greg Penner as the new Board of Directors’ chairman. He is company’s owner Sam Walton’s grandson in law. He will be replacing Rob Walton, and will hold the position of BOD’s chairman of the largest retail company of the world.

Mr. Penner will take up the charge after serving the Wal-Mart board since 2008. The company announced this in its annual general meeting along with other top executives attending the session.

Wal-Mart established the stage for new board’s chairman ascent in 2014, when Mr. Penner was named to the latest formed Vice Chairman position. The founding associates, part of Walton family, presently holds almost half of Wal-Mart’s common stock. The believe that past experience of Penner in the tech sector will support the management of the company in the correct path as the retail chain is looking to renovate its e-commerce and emphasizes on small sized format of store.

Penner had previously been holding the chairman responsibility during the absence of Rob Walton. He became the part of the Walton’s family after he got married to Sam Walter granddaughter Carrie Walton Penner.

Before joining the Madrone, he was Wal-Mar Japanese operation’s chief financial officer also has the position of senior Vice President and Strategy for Wal-Mart’s e-commerce online platform, Walmart.com

Furthmore, he has also served numerous corporation namely, Goldman Sachs Group Inc. as financial analyst, earlier in his career. Penner appointment as the Board chairman is effective after the announcement in annual general meeting; however Rob Walton will endure to work as a director in the board.

While talking at the meeting, Rob Walton said, “This transition demonstrates Wal-Mart’s commitment to long-term succession planning and keeping high caliber, capable leaders at the head of our company. Greg’s service to Wal-Mart 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. Greg 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 ecommerce Committee since it was formed in 2011.”

The company’s executives are optimistic that Penner will bring all the expertise required to revamp the operations of the company. Walton added, “He brings an ideal blend of finance, technology and international business expertise – as well as a deep knowledge and love of Wal-Mart – to this role,”

Penner replies: “It would be impossible to overstate Rob Walton’s impact on Wal-Mart and how personally committed him has been over the years. I’m deeply honored to follow in his footsteps and recognize the deep responsibility I have to our associates, all shareholders and the Board.”