Wal-Mart Board Of Directors Elects New Chairman

Wal-Mart Stores, Inc.'s board of directors elected Greg Penner as Board Chairman, effective June 5, 2015. Penner previously served as vice chairman of the board of directors, and will replace Rob Walton, who was chairman since 1992. Penner began as an analyst at Goldman Sachs & Co., then joined Walmart as a management trainee. He rose from the ranks, occupying various positions, including SVP of finance and strategy for walmart.com and SVP and CFO for Walmart Japan. Wal-Mart also reorganized the board's committees, with most of the independent directors serving on at least two board committees.