Former Walmart CEO Lee Scott and Audit Committee chairman Christopher Williams leave some big shoes to fill when they step down from the retailer’s board in June.
Neither departure was unexpected. Scott stepped down as CEO in early 2009 after joining Walmart in 1979 and making considerable contributions over a three decade career. Walmart said Scott’s departure was in keeping with its historical practice of board service for prior CEO’s. It also helps the company avoid having too many insiders on the board as former CEO Mike Duke is on the board as is Doug McMillion who succeeded Duke as CEO earlier this year.
Williams served on the board for the past 10 years, the last two of which have been more like a full time job. Williams served as chairman of the four member Audit Committee tasked with investigating and overseeing matters related to alleged violations of the Foreign Corrupt Practices Act.
The Audit Committee met 22 times last year, making Williams the most highly compensated board members with $348,000 in pay, and oversaw the expenditure of $282 million related to FCPA matters. That was on top of the 15 Audit Committee meetings held the prior year and expenditures of $157 million.
Walmart did not indicate who would replace Williams as chair of the Audit Committee.