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Why Walmart isn’t worried about competitors
The retail industry is more competitive than ever, but Walmart CEO Doug McMillon told a gathering of more than 14,000 associates and shareholders that he is more worried about the enemy within the company than competitors.
“The truth is the real villains are lurking within the company,” said McMillon. “Our real villains are things like bureaucracy, complacency, a lack of speed, or a lack of passion.”
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End of an era: Rob Walton cedes chairman title
Rob Walton relinquished the position of chairman of the board of directors of Wal-Mart Stores, Inc., to his son-in-law, Greg Penner, at the company annual meeting on June 5.
The move to elevate Penner to the new role didn’t come as huge shock since the stage had been set for the move at Walmart’s annual meeting last year when Walton, 70, announced Penner had been named the board’s vice chairman. Walton has served as chairman of the board since 1992 the same year that his father and company founder Sam Walton died. He will continue to serve on the board.
