Walmart Is Officially In The Hands Of Its Third Generation Of Management

The Walmart corporation has now brought in the third generation of Waltons to run the company. After Rob Walton recently stepped down as Chairman, there was immense pressure for the company to select a successor, according to USA Today. Walton reportedly chose his son-in-law, Greg Penner for the role. Penner, not new to the company, officially assumed his new role on Friday, after a shareholder meeting.

On Friday, Rob Walton gave an official statement about the change in power through a press release.

“This transition demonstrates Walmart’s commitment to long-term succession planning and keeping high caliber, capable leaders at the head of our company. Greg’s service to Walmart spans more than 15 years, and during that time he has had a significant impact, both as an associate and as a Board member the past seven years. Greg has done an outstanding job as our Vice Chairman over the past year, and he has provided strong leadership and guidance as the Chairman of our Technology and eCommerce Committee since it was formed in 2011. He brings an ideal blend of finance, technology and international business expertise – as well as a deep knowledge and love of Walmart – to this role.”

During his first moments as the new Chairman of Walmart, Greg Penner first praised his father-in-law, Rob Walton before the Board of Directors. He then went on to reveal his mission as the new Chairman.

“It would be impossible to overstate Rob Walton’s impact on Walmart and how personally committed he has been over the years. I’m deeply honored to follow in his footsteps and recognize the deep responsibility I have to our associates, all shareholders and the Board. I’ve admired this company since my first Saturday morning meeting more than two decades ago. I believe in its mission and the positive role it plays throughout the world. I am excited about continuing to work with our outstanding senior management team and talented Walmart associates at all levels of the company.”

Greg Penner has been preparing for this moment for years. Now 45, he began his career at Sach’s & Co as a corporate financial analyst. He entered into the Walmart Corporation as a management trainee and has been a member of the Board of Directors since 2008. Penner’s new role is one of many new assignments at Walmart which Lead independent Director, James I. Cash Jr. has believed are needed for the corporation.

“These changes reinforce our commitment to exclusively independent directors on our governance committees, and increases the number of independent members on our strategy committees, which have a majority of independent directors. This adjustment is consistent with Walmart’s approach to continuous improvement of our Board practices and sound corporate governance.”

Though Greg Penner is taking over the chairman role and is responsible for the company’s third generation of management, the older Walton is still remain in the company. Specifically, Walmart founder, Sam Walton, as well as Rob Walton and Jim Walton all remain of the Walmart Board of Directors.

[Image via NY Times]