Wal-Mart former chief retiring from board

Bentonville, Ark. -- Wal-Mart Stores, Inc. announced Wednesday that its former president and CEO Lee Scott will not seek re-election to the company’s board of directors.



As well, current board member Chris Williams will not stand for re-election to the board of directors at Walmart’s Annual Shareholders’ meeting on June 6.



Scott will complete his service as a Director in June at the Annual Shareholders’ Meeting in line with Walmart’s historical practice for its prior CEOs’ board service. Williams is rotating off of the Board after 10 years of service inaccordance with Walmart’s corporate governance guidelines.



Scott served as Walmart’s president and CEO from January 2000 until his retirement on Jan. 31, 2009.



Williams is the chairman and CEO of investment bank The Williams Capital Group, L.P.



With Scott’s and Williams’ retirement, the Walmart board will consist of 14 directors, all of whom will stand for re-election to the board at Walmart’s Annual Shareholders’ Meeting on June 6.