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The board of directors of Wal-Mart Stores Inc. has elected Greg Penner as its new chairman, succeeding Rob Walton, who will continue as a director. Penner previously served as the board's vice chairman.
Penner first joined Walmart as a management trainee and held a number of positions throughout the company, including SVP of finance and strategy for Walmart.com and SVP and CFO – Japan.
He joined the Walmart board in 2008, and subsequently served as chair of the Technology and eCommerce Committee, and held positions on the Global Compensation and Strategic Planning and Finance Committees.
“This transition demonstrates Walmart’s commitment to long-term succession planning and keeping high-caliber, capable leaders at the head of our company,” said Walton. “Greg’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."
In addition to the board’s leadership transition, Walmart is realigning its board committees so that a majority 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 eCommerce Committee).
“This adjustment is consistent with Walmart’s approach to continuous improvement of our board practices and sound corporate governance," said James I. Cash, Jr., lead independent director.
Walmart operates 11,462 stores under 65 banners in 28 countries and e-commerce websites in 11 countries.