America
Walmart names Walton in-law as new chairman
New York, June 6
Walmart Stores Inc. has
announced the selection of Greg Penner as board chairman, succeeding his
father-in-law, Rob Walton, Efe news agency reported.
"This
transition demonstrates Walmart's commitment to long-term succession
planning and keeping high calibre, capable leaders at the head of our
company," the 70-year-old Walton said on Friday.
Penner, 45, is
married to Carrie Walton, daughter of Rob Walton and granddaughter of
Sam Walton, the founder of the world's largest retailer.
Rob Walton has been Walmart's chairman since 1992 and will retain a seat on the board.
“I've
admired this company since my first Saturday morning meeting more than
two decades ago," Penner said. "I believe in its mission and the
positive role it plays throughout the world."
Walmart operates 11,489 stores in 27 countries, employing 2.2 million people to serve 260 million customers a week.
The
company's earnings dropped 7 percent in the first quarter of its 2016
fiscal year, to $3.3 billion, while sales fell 1 percent to $115
billion.
Shares of Walmart, a Dow Jones component, have declined 13.9 percent on the New York Stock Exchange so far this year.