Walmart In-Law Is New Chairman
Greg Penner, grandson-in-law to company founder Sam Walton, was promoted from vice-chairman effective June 5, replacing Rob Walton, Sam’s 70-year-old son. Walmart’s board had been under some pressure to appoint an outsider by proxy advisory firms and other major shareholders. New York City Comptroller Scott Stringer, who oversees pension funds with $160 billion in assets, told Reuters that independent oversight would have been appropriate in light of a scandal several years ago in which Walmart was accused of bribing Mexican government officials.
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