Despite some pressure to name an independent Chairman to the company's board of directors, retail chain Wal-Mart Stores Inc. announced Greg Penner, founder Sam Walton's grandson-in-law, will take the role, starting Friday.
Penner, who previously served as the board's Vice Chairman, will take over as chairman at the end of Friday's ahareholder meeting, the company said in a press release. Penner takes over from Rob Walton, 70, who has been chairman of the board since 1992 and will continue to serve as a director.
"This transition demonstrates Walmart's commitment to long-term succession planning and keeping high caliber, capable leaders at the head of our company," said Walton. "Greg's service to Walmart spans more than 15 years, and during that time he has had a significant impact, both as an associate and as a Board member the past seven years.
Proxy advisory firms ISS and Glass Lewis advised shareholders to vote for a proposal asking that the company install an independent chairman proposal at Friday's shareholder meeting.
"Wal-Mart shareowners have been pushing for a more independent and accountable board ever since the bribery-related allegations several years ago exposed serious board oversight failures," New York City Comptroller Scott Stringer, who oversees city pension funds with $160 billion in assets, said in a statement to Reuters.
