Glass stepping down from Wal-Mart board

Bentonville, Ark. Wal-Mart announced Monday that David Glass, the former president and CEO of Wal-Mart Stores, is stepping down from the company's board of directors.

Wal-Mart said Glass will not stand for re-election to the board at Wal-Mart's shareholders' meeting June 5. Glass retired from his position as president and CEO in 2000, then became owner of the Kansas City Royals.

Glass joined Wal-Mart as executive VP finance in 1976 and was elected to its board a year later. He was named president in 1984 and succeeded Wal-Mart founder Sam Walton as president and CEO in January 1988.

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.