Wal-Mart to Revamp Board

By Josh Beckerman 

Wal-Mart Stores Inc. said it would transform its board, with four members retiring and a grandson of founder Sam Walton being nominated for election, as part of a plan to "strengthen the board for the future."

The retailer said it would cut the size of its board to 12 directors from 15 following its annual meeting on June 3.

Jim Walton, son of Sam Walton, will step down, as will Aída Álvarez, Roger Corbett and retired Chief Executive Mike Duke. Ms. Álvarez and Mr. Corbett are rotating off the board after a decade, in line with the company's governance guidelines.

Wal-Mart said it would nominate Steuart Walton, grandson of the founder, for election to the board. The 34-year-old would be the first of his generation of Waltons to have a presence on the retail giant's board.

The Walton family, through individual and company ownership, hold a stake of just over 50% in Wal-Mart, according to the most recent filings available.

Shares of Wal-Mart have risen 14% in the past three months and were inactive after hours.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

April 20, 2016 18:08 ET (22:08 GMT)

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