Wal-Mart Stores Inc. (WMT) on Friday said its board has
appointed Greg Penner as vice chairman of the retail giant, while
Rob Walton remains chairman.
In the new non-management role, Mr. Penner--who is Mr. Walton's
son-in-law--will serve as chairman when Mr. Walton isn't present,
the company said.
Mr. Penner, 44, has been a Wal-Mart board member since 2008 and
chairs the technology and e-commerce committee, in addition to
serving on the board's global compensation and strategic planning
and finance committees, Wal-Mart said.
Prior to his time on the company's board, Mr. Penner was
Wal-Mart's senior vice president and chief financial officer for
Japan from 2002 to 2005, and he has also been the senior vice
president of finance and strategy for Walmart.com, the company
said.
Bentonville, Ark.-based Wal-Mart has suffered weaker store
traffic in recent periods--as dollar stores and online marketplaces
have cut into its business--prompting the retailer in February to
offer soft guidance for the year and warn of continued economic
pressure.
Last month, the company reported its fifth straight decline in
U.S. sales, stoking concerns among investors that the world's
largest retailer may be losing its way.
Shares have edged up five cents to $77.37 in recent trading.
Write to Anna Prior at anna.prior@wsj.com
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