Dive Brief:
- Wal-Mart Chairman Rob Walton, 70, will step down and be replaced by Vice Chairman Greg Penner, the retail giant's board announced Friday.
- Walton is the eldest son of company founder Sam Walton.
- The younger Walton had served in the post since 1992.
Dive Insight:
It might initially be a bit of a shock to see no Walton name at the top of the Wal-Mart board, but there is still a strong family connection: Penner is Rob Walton's son-in-law. Also, the board sent a clear sign last year that a change could be coming, when Rob Walton announced that Penner had been elevated to the vice chairman's role.
Reuters, among other outlets, noted there has been pressure for a board chair "without ties to the founding family, arguing that a greater measure of independent oversight is needed for a company that has been dealing with a three-year old probe into alleged bribery overseas."
In a statement, Rob Walton said Penner "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, 45, has held a number of positions in Wal-Mart's corporate structure, including senior vice president and CFO of the Japan division and senior vice president of finance and strategy for walmart.com. He joined the board in 2008.
