Walmart’s Director and Heir Rob Walton to Step Down From Board

Walmart Inc. announced that the eldest son of the company's founder, Sam Walton, is retiring. On Thursday, April 25, the retailing giant said Rob Walton is leaving the board in June.

Change of Leadership

Rob served as chairman of Walmart's board of directors since his father died in 1992. He held the position until June 2015 but remained a member until his retirement.

According to Reuters, Rob is set to be replaced by Greg Penner, his son-in-law. Penner said that his father-in-law's leadership has been crucial in growing Walmart and its business for years.

Rob Walton Concludes His Term With Retirement

Rob Walton has been serving as a member of Walmart's board of directors for a long time. This week, he confirmed the end of his term and is exiting by announcing his decision to retire. His term is officially concluding on June 5.

He joined the company in 1969, and prior to this, he worked with his father, Sam Walton, in the 5&10 store they owned. He spent more than 40 years on the Walmart Board and contributed greatly to creating some of the most valued moments in the company's history.

"Walmart is the world's leading omni-channel retailer and that is a credit to our team today and to those who, over decades, helped to build and shape our company," Greg Penner, chairman of Walmart's board of directors, said in a press release. "One of those incredible leaders is Rob Walton, my father-in-law, who recently shared his decision not to seek re-election to our Board of Directors."

Penner added, "His leadership has been critical as we have grown our business over so many years. There's no doubt Sam would be very proud. On behalf of our associates and the Board, I'd like to thank him for his unparalleled and amazing service."

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