Penner, Sorenson, nominated to Wal-Mart board

BENTONVILLE, Ark. Wal-Mart Stores announced that its board of directors has nominated Gregory Penner, a general partner at the investment management firm Madrone Capital Partners, and Arne Sorenson, evp and cfo of Marriott International for election to the Wal-Mart board at the company's annual shareholders' meeting to be held on June 6. The company also announced that current board members Jack Shewmaker and Roland Hernandez will not stand for re-election at the annual meeting.

"We are pleased that Greg and Arne have been nominated to join Wal-Mart's board," said Rob Walton, chairman of the board of Wal-Mart Stores. "Their experience complements our existing board and I know they will both make valuable contributions to our company. Arne had a distinguished career in law before joining Marriott in 1996, and Greg is not only experienced in venture capital and financial analysis, but he is the former cfo of Wal-Mart's Japan operations and a member of the Walton family.

"At the same time, I wish to express our thanks to Jack Shewmaker and Roland Hernandez for their many years of service to our company and our board," Walton said. "Jack has served our board since 1977, and Roland has been with the board for 10 years. We are grateful for their leadership and counsel during their tenure as directors, and the company will benefit from their contributions for years to come."

Penner has been a general partner at Madrone Capital Partners since 2005. He served as Wal-Mart's senior vp and cfo in Japan from 2002 to 2005. Prior to working for Wal-Mart, Penner was a general partner at Peninsula Capital, an early-stage venture capital fund, and a financial analyst for Goldman, Sachs & Co. Penner is married to Carrie Walton Penner, daughter of Wal-Mart chairman Rob Walton.

Sorenson is evp and cfo of Marriott International  a position he has held since 1998. He also has served as president of Continental European Lodging, for Marriott since 2003.