• Rob Walton, eldest son of Walmart founder Sam Walton, is stepping down from the company's board.
• He first joined Walmart in 1969 and has served on the board for more than 40 years.
• The company said Walton "helped shape some of the most important moments in Walmart history."

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Rob Walton, eldest son of Walmart founder Sam Walton's three children, is stepping down from the company's board of directors in June.

Walton chose not to seek re-election and will retire from the board when his term ends in June, the company said Thursday.

Before joining Walmart in 1969, Walton worked with his father at his earlier five-and-dime store, and has served on the board for more than 40 years, including over two decades as chairman.

The company said Walton "helped shape some of the most important moments in Walmart history."

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

Even in retirement, Walton will have significant influence over Walmart through his co-ownership of Walton Enterprises, which is the largest holder of Walmart stock.

He also amassed a considerable fortune in his 79 years, with a net worth of roughly $80 billion, according to Bloomberg.