Former PepsiCo chief nominated to Walmart board

BENTONVILLE, Ark. Walmart announced that its board of directors has nominated Steven Reinemund, former PepsiCo chairman and chief executive officer, for election to the Walmart board at the company's annual shareholders meeting to be held on June 4. The company also announced that current board member Allen Questrom will not stand for re-election.

"Steve was a valued partner to our business during his tenure at PepsiCo, and his domestic and international retail experience makes him an ideal candidate to join our board," said Walmart chairman Rob Walton. "He is a gifted strategist, with strong expertise in both finance and operations."

Reinemund is dean of business and professor of Leadership and Strategy at Wake Forest University in North Carolina. He spent 23 years at PepsiCo, including his tenure as chairman and CEO from 2001 to 2006.  He served as the company's president and chief operating officer, as well as chairman and CEO of its Frito-Lay division. Reinemund is a member of the board of directors of Exxon Mobil Corp., American Express Company and Marriott International Inc.