Ex-Penneys ceo named to Wal-Mart board

BENTONVILLE, Ark. Former JCPenney chairman and ceo Allen Questrom was elected to Wal-Mart's board of directors at the company's annual shareholders' meeting Friday.

Questrom is credited with putting JCPenney on its current path of success and the thinking is the former ceo of Barney’s, Neiman Marcus and Federated Department Stores can bring some merchandising magic to the apparel and home departments that have proved to be a drain on Wal-Mart's results in recent years.

The election of Questrom makes him the second retail veteran in as many years to join the Wal-Mart board. Last year, Roger Corbett, the former ceo of Australia’s Woolworth’s chain, joined the board. Woolworth’s is Australia’s largest retailer.