Longest-serving Walmart board member to retire

The eldest son of founder Sam Walton has decided not to seek re-election to the Walmart board.

Walmart said that Rob Walton, 79, would retire from his position at the end of his term on June 5. The longest-serving member on the Walmart board, Walton served as the company's chairman after his father died in 1992 and held the post until June 2015. He was replaced by son-in-law Greg Penner, who remains chairman of the company.

Walton joined Walmart in 1969 and went on to hold several roles, including senior VP, corporate secretary, general counsel and vice chairman. (Prior to Walmart, he worked alongside his father, Sam, in his 5&10 store.) He served more than 40 years on the retail giant’s board and helped shape some of the most important moments in Walmart history, the company said.

In a statement, Penner called Walton an "incredible leader and said his leadership "has been critical as we've grown our business over so many years."

“There's no doubt Sam would be very proud,” he continued. “On behalf of our associates and the board, I'd like to thank him for his unparalleled and amazing service.”

Walmart has nominated Brian Niccol, chairman and CEO of Chipotle Mexican Grill, to replace Walton on the board, which consists of 11 directors. If elected, Niccol would be the fifth new independent director added to the board since 2017. 

“Brian is a dynamic leader with a passion for excellence, stated Tom Horton, lead independent director of the Walmart board. “I am confident that his experience in retail, marketing and brand management and engaging with associates and customers will be a strategic asset to your board.”

Sam Walton is the 19th richest man in the world with a net worth of $77.4 billion, according to Forbes, reported Reuters, with much of his wealth is tied to the Walton Enterprises and his stakes in sports teams such as the National Football League's Denver Broncos.