Walmart Stores Inc. is cutting its board of directors from 15 to 12 with a focus on responding quicker to today’s fast-changing market. Also joining the board is a member of the next generation of the Walton family: a grandson of founder Sam Walton.
“With these retirements, we view this as a time to make our board more nimble, while maintaining its independence and further aligning on Walmart’s strategic priorities,” said Greg Penner, Chairman of the Board of Directors for Walmart.
“The changes we are making are designed to maximize our effectiveness as we adapt to ever-evolving customer requirements,” added James I. Cash, Jr., Lead Independent Director for Walmart. “We believe that board refreshment and succession planning are critical and demonstrate good corporate governance practices, but also and most importantly, support our mission to broaden and improve how we are serving customers through both stores and e-Commerce.”
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Jim Walton, 67, the youngest son of late Walmart founder Sam Walton, is retiring after 11 years on the board, the retailer reported in a statement. His son Steuart, 34, has been nominated for a board seat.
Three other current board members will not stand for re-election at the company’s Annual Shareholders’Meeting on June 3: Aida Alvarez, Roger Corbett and Mike Duke. The changes will take place following the meeting.
The company noted that three remaining board members have expertise in technology at a time when the retailer is placing more focus on boosting e-Commerce sales. The additions of Marissa Mayer, President and CEO of Yahoo! Inc., and Kevin Systrom, CEO and co-founder of Instagram, and Penner, appointed Board Chairman in 2015, each provide extensive expertise in technology, finance and international business.
