Rob Walton, Walmart’s director with the longest tenure, will be retiring from the board.
Walmart announced on Thursday that Rob Walton, the board’s longest-serving member and eldest son of founder Sam Walton, will retire from his position at the big-box retailer at the end of his term on June 5.
Walton served as the company’s chairman of the board of directors following his father’s death in 1992 until June 2015. He was succeeded by his son-in-law Greg Penner, who remains the chairman of the world’s largest retailer. Walmart also revealed seven shareholder proposals in a regulatory filing, including repeated calls for an independent racial equity audit and human rights impact assessment in its supply chain. The board recommended shareholders vote against all seven proposals.
During Walton’s tenure as chairman, Walmart experienced significant growth, increasing its sales from about $44 billion to $482 billion, establishing itself as the largest U.S. retailer. In the fiscal year ending Jan. 31, 2024, Walmart reported sales of $648.1 billion, with persistent inflation contributing to customer preference for its discount stores. “His leadership has been critical as we’ve grown our business over so many years,” Penner stated in a regulatory filing announcing Walton’s retirement.
Walmart has nominated Brian Niccol, chairman and CEO of restaurant chain Chipotle Mexican Grill (CMG.N), to replace Walton on the 11-member board. If elected, Niccol would be the fifth new independent director added to the board since 2017. The only remaining Walton on the board will be Rob Walton’s nephew, Steuart Walton.
Rob Walton, aged 79, played a pivotal role in shaping some of Walmart’s most significant moments, including its initial public offering in 1970. Joining the company in 1969, he held various positions, including senior vice president, corporate secretary, general counsel, and vice chairman.
According to Forbes, Walton ranks as the 19th richest person globally, with a net worth of $77.4 billion. Much of his wealth is tied to Walton Enterprises and his stakes in sports teams such as the National Football League’s Denver Broncos.