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Doug McMillon Named Chairman of Business Roundtable

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The Business Roundtable, a group of CEOs of America’s top companies, said Thursday that Doug McMillon, CEO of Walmart Inc. of Bentonville, has been named chairman, succeeding JPMorgan Chase & Co. CEO Jamie Dimon.

McMillon, a Jonesboro native who became the retailer’s CEO in 2014, will begin his two-year term on Jan. 1.

“Doug is a forward-looking leader who understands the importance of a growing and inclusive economy that serves all Americans,” Dimon said in a news release. “At a time when our organization is reaffirming the significance of corporate commitments to workers and communities as a critical piece of creating long-term value, Doug is uniquely experienced to lead by example and ensure our voice is heard.”

McMillon joined the Roundtable in 2014 and serves on its board of directors. On Thursday, he said he was honored to be elected chairman.

“In the coming months, there will be extensive conversations about America’s future and the role business plays in shaping it,” he said. “As chairman, I commit to keeping Business Roundtable CEOs at the forefront of constructive public policy debates as we pursue an agenda of greater growth and opportunity for all Americans.”

McMillon’s election comes a few weeks after the organization issued a statement redefining the “purpose of a corporation,” saying companies should focus on delivering value to customers, investing in employees, dealing ethically with suppliers, supporting communities and generating long-term value for shareholders. 

The statement marked a shift from a previous focus that emphasized short-term shareholder value over other concerns.

“This new statement better reflects the way corporations can and should operate today,” Alex Gorsky, Chairman and CEO of Johnson & Johnson and chair of the Business Roundtables corporate governance committee. “It affirms the essential role corporations can play in improving our society when CEOs are truly committed to meeting the needs of all stakeholders.”

The Business Roundtable’s news release emphasized Walmart’s purpose of “saving people money and helping them live better lives.” It called McMillon “a longtime champion of Walmart’s customers, its associates and the company’s culture.”

“Doug is a superb leader of a company that reaches over 5,300 communities and employs 1.5 million people in America,” Joshua Bolten, president and CEO of the Business Roundtable, said. “As CEO of the nation’s largest employer, Doug brings an important perspective to the policy debate around the future of work, innovation and America’s competitiveness. I look forward to supporting Doug and all our members as we continue to advocate for policies that spur innovation, sustain economic growth and expand opportunity in the United States.”

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