By Dow Jones Business News,
June 06, 2014, 10:15:00 AM EDT
Wal-Mart Stores Inc. ( WMT ) on Friday said its board has appointed Greg Penner as vice chairman of the retail giant,
while Rob Walton remains chairman.
In the new non-management role, Mr. Penner--who is Mr. Walton's son-in-law--will serve as chairman when Mr. Walton
isn't present, the company said.
Mr. Penner, 44, has been a Wal-Mart board member since 2008 and chairs the technology and e-commerce committee, in
addition to serving on the board's global compensation and strategic planning and finance committees, Wal-Mart said.
Prior to his time on the company's board, Mr. Penner was Wal-Mart's senior vice president and chief financial officer
for Japan from 2002 to 2005, and he has also been the senior vice president of finance and strategy for Walmart.com, the
Bentonville, Ark.-based Wal-Mart has suffered weaker store traffic in recent periods--as dollar stores and online
marketplaces have cut into its business--prompting the retailer in February to offer soft guidance for the year and warn
of continued economic pressure.
Last month, the company reported its fifth straight decline in U.S. sales, stoking concerns among investors that the
world's largest retailer may be losing its way.
Shares have edged up five cents to $77.37 in recent trading.
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