Wal-Mart Stores, Inc. has announced the appointment of Greg Penner to the new position of vice chairman of the board of directors. In the new non-management role, Penner will serve as chairman of the board in the chairman’s absence.
“One of the board’s most important responsibilities is long-term succession planning, and the company spends considerable time planning for stability and continuity, both at the board and management level,” said Rob Walton, who remains board chairman, in announcing the appointment. “In keeping with this commitment, I’m pleased with Greg’s appointment. Wal-Mart has benefited from his broad expertise in strategic planning, finance and investment matters. I’m excited about Greg working closely with me, the board and the management team in guiding Wal-Mart into the future.”
Penner has served on Wal-Mart’s board since 2008 and is chair of the Technology and E-commerce Committee, the retailer stated. He also serves on the Global Compensation and Strategic Planning and Finance Committees. Penner has been a general partner of investment management firm Madrone Capital Partners since 2005. From 2002 to 2005, Penner served as Wal-Mart’s senior vp and CFO Japan, and before that he was senior vp/finance and strategy for Walmart.com. Penner is Rob Walton’s son-in-law, the company noted.
“I am committed to the long-term success of Wal-Mart,” Penner stared. “My first Wal-Mart experience was in 1994 and over the years I’ve developed a deep appreciation for our associates and their service to our customers. I look forward to contributing to a stronger Wal-Mart in any way possible, including how we develop new digital capabilities to add to our store offering. This is an exciting time to be part of Wal-Mart.”