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The board of directors of Wal-Mart Stores Inc. has appointed Greg Penner to the new position of vice chairman. In this non-management role, Penner will act as board chairman when the chairman isn't present.
"One of the board’s most important responsibilities is long-term succession planning, and the company spends considerable time planning for stability and continuity, both at the board and management level," noted Rob Walton, who will remain board chairman. "Walmart has benefited from [Penner's] broad expertise in strategic planning, finance and investment matters."
Penner, who has served on the mega-retailer’s board since 2008, is chair of the technology and e-commerce committee, and also sits on the global compensation and strategic planning and finance committees.
The son-in-law of Rob Walton, Penner has an extensive background in technology and international business experience. He has been a general partner of Menlo Park, Calif.-based investment management firm Madrone Capital Partners since 2005. From 2002 to 2005, he was Walmart's SVP and CFO-Japan, and before that, he held the role of SVP of finance and strategy for Walmart.com.
Prior to joining Walmart, Penner was a general partner at Peninsula Capital, an early-stage venture capital fund, and a financial analyst for Goldman Sachs & Co.
"I am committed to the long-term success of Walmart," said Penner. "My first Walmart experience was in 1994, and over the years I've developed a deep appreciation for our associates and their service to our customers." He added that he was particularly interested in the company's development of "new digital capabilities to add to our store offering."
Bentonville, Ark.-based Walmart operates 10,994 stores under 71 banners in 27 countries, and e-commerce websites in 10 countries.