New York — Wal-Mart Stores named Greg Penner, 44, to the new role of vice chairman, a move that positions him to be a successor to chairman Rob Walton. Penner, 44, is Walton’s son-in-law and has served on the board since 2008. The appointment was announced Friday morning at the company's shareholders' meeting.
The move strengthens the Walton family’s control of the board. Walton, 69, is the son of Wal-Mart founder Sam Walton.
“One of the board’s most important responsibilities is long-term succession planning, and the company spends considerable time planning for stability and continuity, both at the board and management level,” said Walton, who will remain chairman of the board of directors. “In keeping with this commitment, I’m pleased with Greg’s appointment. Walmart has benefited from his broad expertise in strategic planning, finance and investment matters.”
Penner has served on Walmart’s board since 2008. He is chair of the technology and eCommerce committee and also serves on the global compensation and strategic planning and finance committees.
“I am committed to the long-term success of Walmart,” said Penner. “My first Walmart experience was in 1994 and over the years I’ve developed a deep appreciation for our associates and their service to our customers. I look forward to contributing to a stronger Walmart in any way possible including how we develop new digital capabilities to add to our store offering. This is an exciting time to be part of Walmart.”
Penner has been a general partner of investment management firm Madrone Capital Partners since 2005. From 2002 to 2005, he served as Walmart’s senior VP and CFO, Japan. Prior to that role, he was SVP of finance and strategy for Walmart.com.