Greg Penner, 45, grandson-in-law of founder Sam Walton, was elected chairman of Wal-Mart Stores Inc.,
Reuters reported.
Penner, who had been vice chairman, replaces his father-in-law, Rob Walton.
Penner has served on the board since 2008 and became vice chairman last June. Rob Walton will remain on the board as a director, the article said.
At the company's annual shareholder meeting on June 5, “The family, which owns most of Wal-Mart's shares, was able to defeat an attempt by some investors to choose a chairman without ties to the Waltons,” the Reuters report said.
“Both major proxy advisory firms, Institutional Shareholder Services and Glass Lewis, recommended that investors vote for a shareholder proposal calling for an independent board chairman,” the article noted. The proposal, which was submitted by the International Brotherhood of Teamsters General Fund, was voted down, according to the report.
After the election, ten of the company's 15 directors are now independent, the article said. Wal-Mart said it would reconfigure its board committees so most of the independent directors would serve on at least two committees, the report said.
Penner joined Wal-Mart as a management trustee and held several positions at the company, including CFO of its Japan operations and chair of the board's technology and e-commerce committee. He has been a partner at investment firm Madrone Capital Partners since 2005, the Reuters article said. (Source: Reuters, June 5, 2015.)
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