"I cannot overstate David's contribution to our company," said Rob Walton, chairman of the board of Wal-Mart Stores. "He established a new foundation for the company's growth, and my dad considered him to be one of the finest retail talents he had ever met."
Glass is credited with establishing the Wal-Mart's first distribution center outside of Bentonville, Ark., and with computerized distribution, proving that the company's geographic reach could be extended well beyond its home state. Glass was named vice chairman and CFO in 1982 and was instrumental in the creation of Sam's Club a year later. He was named president and chief operating officer in 1984 and president and CEO in 1988. That year, Glass pioneered development of the first supercenter, which is now the company's dominant retail format. Later, under Glass' leadership, Wal-Mart became the nation's largest retail company and made its first foray into international markets with an acquisition in Mexico.
After leaving Wal-Mart, Glass became owner of the Kansas City Royals professional baseball team and continued to serve on the Wal-Mart board, as chairman of the Executive Committee until 2006 and, most recently, as a member of the strategic planning and finance committee.
With Glass' retirement, Wal-Mart's board will consist of 15 directors, all of whom will stand for re-election to the board at Wal-Mart's annual shareholders' meeting on June 5.
