Wal-Mart names new board chairman, keeps job in family

Wal-Mart says board Chairman Rob Walton will step down and be succeeded by Vice Chairman Greg Penner, who is Walton's son-in-law.

The world's largest retailer says the change will take effect at the end of its annual meeting today.

Walton, son of Wal-Mart founder Sam Walton, has been chairman since 1992. The company says the 70-year-old will continue to serve as a director.

Penner, 45, joined Wal-Mart as a management trainee and held a number of positions including senior vice president of finance and strategy for Walmart.Com and chief financial officer for the Japan unit. He joined Wal-Mart's board in 2008. Rob Walton noted on stage at the meeting that Penner is married to his daughter.
 

Keeping with Wal-Mart's practice of showcasing celebrities at the annual event, the meeting was being hosted by actress Reese Witherspoon. Singer Brian McKnight also appeared on stage, and other to-be-announced celebrities were slated to appear later in the meeting as well.

Wal-Mart Stores Inc. Is based in Bentonville, Arkansas.