Rob Walton to step down from Walmart board

Rob Walton, the oldest son of Walmart founders Helen and Sam Walton, has been a fixture on Walmart’s board of directors for more than four decades. But he is not seeking re-election, according to his son-in-law, board chairman Greg Penner.

Penner made the announcement in the company’s annual proxy report filed Thursday (April 25) with the U.S. Securities and Exchange Commission.

Walton, 79, joined Bentonville-based Walmart Stores in 1969 and worked as the company’s corporate secretary and general counsel after working as a private attorney. Walton was board vice chairman and chairman until resigning from that post to Penner in 2015. He was involved in the process of taking Walmart public in 1970.

“My son Rob had graduated from Columbia University law school the year before and gone to work in the biggest law firm in Tulsa. … As our lawyer he also kept track of the various Wal-Mart store partnership agreements, so I asked him to start looking at all our options,” Sam Walton noted in his memoir.

‘SUPPORT AND ENCOURAGEMENT’Penner said Rob Walton began his career working with his dad in the 5&10 store in downtown Bentonville and carrying boxes at his dad’s Ben Franklin franchise stores long before he attended college at the University of Arkansas and law school at Columbia.

“Rob (Walton) has a special gift for being able to combine high expectations with support and encouragement. He makes us feel like we can do anything we put our minds to and work hard. It’s no surprise that Walmart has continued to thrive given his strong leadership,” Penner noted in a memo to shareholders.

Rob Walton encouraged Sam to expand the company internationally. With the opening of Sam’s Club in Mexico City, Walmart took the first step toward becoming a global retailer, the proxy noted. Sam succumbed to cancer on April 5, 1992, and two days later, Rob was named board chair. During his tenure, he oversaw rapid growth.

Walton, who will be 80 in October, is an owner of the Denver Broncos, which he and a group of partners purchased for $4.65 billion in June 2022. Penner is the CEO of the franchise and oversees the day-to-day operations. Forbes pegs Walton’s fortune at $77.4 billion as of April 25, ranking him No. 19 in the world.

DIRECTOR ELECTIONSTom Horton, 62, and former chairman of American Airlines, has been a director since 2014 and is the lead independent director seeking re-election.

“I join my fellow directors in thanking Rob Walton for the time, energy and resources he’s invested into our Board and company over the years, helping to create a better life for customers, members and associates all over the world. As we continue to recruit the next generation of board members, we are committed to a board with a diverse range of relevant skills, experiences and backgrounds, as reflected in our Corporate Governance Guidelines,” Horton noted.

Horton also announced that Brian Niccol, chairman and CEO of Chipotle Mexican Grill, is standing for election to the board this year.

Walmart has a 12-year board service limit but has asked Tim Flynn, retired chairman and CEO of KPMG, and Marissa Mayer, former president and CEO of Yahoo! Inc., to stay on another year. Flynn chairs the board’s audit committee and Mayer brings technology and cybersecurity experience to the board.

Following are the other directors standing for re-election.• Cesar Conde, chair of NBCUniversal News Group• Sarah Friar, president and CEO, Nextdoor Holdings Inc.• Carla Harris, senior client advisor, Morgan Stanley• Doug McMillon, Walmart president and CEO• Penner• Randall Stephenson, retired AT&T CEO and executive chairman• Steuart Walton, founder and chair of RZC Investments

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