by Lance Turner
Posted 6/6/2014 08:52 am
Updated 3 months ago
Wal-Mart Stores Inc.'s board of directors on Friday announced the appointment of Greg Penner to the new position of vice chairman of the board.
Wal-Mart, which announced the appointment at its annual meeting in Fayetteville, said the new post is a non-management position. As part of the role, Penner will serve as chairman when the board chairman, Rob Walton, is not present.
Penner is the son-in-law of Rob Walton.
"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," Walton said in a news release.
"In keeping with this commitment, I'm pleased with Greg's appointment," he said. "Walmart 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 Walmart into the future."
Penner, 44, has been on Wal-Mart's board since 2008. He is chair of the the board's technology and e-commerce committee and is also on the global compensation and strategic planning and finance committees.
"I am committed to the long-term success of Walmart," Penner said. "My first Walmart 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 Walmart 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 Walmart."
Penner has been a general partner of investment management firm Madrone Capital Partners since 2005. From 2002 to 2005, he served was senior vice president and CFO of Wal-Mart's Japan operation. Before that, he was senior vice president of finance and strategy for Walmart.com.