Wal-Mart to Revamp Board
April 20 2016 - 6:23PM
Dow Jones News
By Josh Beckerman
Wal-Mart Stores Inc. said it would transform its board, with
four members retiring and a grandson of founder Sam Walton being
nominated for election, as part of a plan to "strengthen the board
for the future."
The retailer said it would cut the size of its board to 12
directors from 15 following its annual meeting on June 3.
Jim Walton, son of Sam Walton, will step down, as will Aída
Álvarez, Roger Corbett and retired Chief Executive Mike Duke. Ms.
Álvarez and Mr. Corbett are rotating off the board after a decade,
in line with the company's governance guidelines.
Wal-Mart said it would nominate Steuart Walton, grandson of the
founder, for election to the board. The 34-year-old would be the
first of his generation of Waltons to have a presence on the retail
giant's board.
The Walton family, through individual and company ownership,
hold a stake of just over 50% in Wal-Mart, according to the most
recent filings available.
Shares of Wal-Mart have risen 14% in the past three months and
were inactive after hours.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 20, 2016 18:08 ET (22:08 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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