Wal-Mart Stores chairman Rob Walton, 69, announced the appointment of Greg Penner, 44, as vice chairman at the company's shareholders' meeting Friday morning, a move that positions Penner, Walton 's son-in-law, as his successor.
“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,” said Walton, who will remain chairman of the board of directors. “In keeping with this commitment, I’m pleased with Greg’s appointment. 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 has served on Walmart’s board since 2008. He is chair of the Technology and eCommerce Committee and also serves on the Global Compensation and Strategic Planning and Finance Committees.
“I am committed to the long-term success of Walmart,” said Penner. “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 as Walmart’s SVP and CFO, Japan. Prior to that role, he was SVP of finance and strategy for Walmart.com. Before joining Walmart, Penner was a general partner at Peninsula Capital, an early stage venture capital fund, and a financial analyst for Goldman Sachs & Co.