Report: Wal-Mart nominates former PepsiCo chief for board

Bentonville, Ark. Wal-Mart Stores said Monday that a former PepsiCo CEO has been nominated as a candidate for its board, according to a BusinessWeek report.

Steven S. Reinemund worked for PepsiCo for 23 years and was chairman and CEO from 2001 to 2006. He sits on the board at Exxon Mobil Corp., American Express Co. and Marriott International.

Wal-Mart also announced that current board member Allen Questrom, former CEO of J.C. Penney Co. who joined the board in 2007, will not stand for re-election.