Walmart founder Sam Walton’s oldest son, Rob Walton, announced that he’ll step down from the corporate’s board of directors in June. The move will bookend his time as a director there, which has spanned greater than 40 years, currently making him the board’s longest-serving member.
The Bentonville, Arkansas-based retailer shared news that Walton would retire from the board in a filing with the Securities and Exchange Commission ahead of the annual meeting for Walmart shareholders.
Walmart is No. 2 within the Top 1000, Digital Commerce 360’s rating of North America’s online retailers by web sales. Additionally it is No. 9 within the Global Online Marketplaces Database, Digital Commerce 360’s rating of top online marketplaces.
Rob Walton’s profession at Walmart
“Rob has been with Walmart quite literally from the start, sweeping floors and carrying boxes within the Ben Franklin franchise stores his dad ran before he opened the primary Walmart,” said Greg Penner, chairman of Walmart’s board of directors, in a message accompanying the filing. “He became a lawyer and Sam would later do not forget that Rob did ‘a lot of the work to take us public’ in 1970.”
Penner, who succeeded Walton as board chair and can be Walton’s son-in-law, recounted Walton’s contributions at Walmart over the a long time as Walmart’s operations evolved.
“He’s been a member of Walmart’s Board since 1978, including serving as our Chairman from 1992-2015, during which era Walmart grew from roughly $44 billion in sales to $482 billion in sales,” said Penner. “He played a key leadership role in the corporate’s international expansion starting with the opening of a Sam’s Club in Mexico City in 1991, and as we entered Canada in 1994. He helped lead each step as we transformed into a worldwide retailer, and he helped guide our transformation from a strictly brick-and-mortar retailer into an omni-channel one which serves customers and members nevertheless they decide to shop.”
As Walton departs, one other member of the family — his nephew Steuart Walton — will remain on the board.
Chipotle CEO nominated to take board seat
With Walton stepping down, Walmart’s board nominated Brian Niccol, the chairman and CEO of Chipotle Mexican Grill, Inc., to affix. Niccol will stand for election on the 2024 annual meeting as shareholders vote.
“Brian is a dynamic leader with a passion for excellence,” said Tom Horton, lead independent director on Walmart’s board and former chairman and CEO of American Airlines. “I’m confident that his experience in retail, marketing and brand management, and interesting with associates and customers will probably be a strategic asset to your Board. If elected, Brian will probably be the fifth recent independent director we now have onboarded since 2017.”
Walmart’s 2024 annual meeting for shareholders will probably be held virtually on June 5.
Do you rank in our database?
Submit your data with this quick survey and we’ll see where you slot in our next rating update.
Enroll
Stay on top of the newest developments within the ecommerce industry. Enroll for a complimentary subscription to Digital Commerce 360 Retail News. Follow us on LinkedIn, Twitter, Facebook and YouTube. Be the primary to know when Digital Commerce 360 publishes news content.
