BENTONVILLE (dpa-AFX) - Wal-Mart Stores, Inc. (WMT) announced changes to its board of directors, which include ordinary-course retirements of four board members and a reduction in the size of the board. They will take effect following the company's Annual Shareholders' Meeting on June 3, 2016 in Fayetteville, Arkansas.
Walmart stated that current board members Aida Alvarez, Roger Corbett, Mike Duke and Jim Walton will not stand for re-election at the June 3rd meeting. With the proposed changes, the board will maintain its current independent majority at 67 percent.
The company also announced the nomination of Jim Walton' son Steuart Walton for election to board, marking a leadership transition to the next generation of Walton family representation. Historically, three members of the Walton family have been members of the company's board.
Walmart noted that these changes will reduce the number of directors serving on the board from 15 to 12 directors. Those standing for election and for re-election to the board include: Greg Penner, Jim Cash, Pam Craig, Tim Flynn, Tom Horton, Marissa Mayer, Doug McMillon, Steve Reinemund, Kevin Systrom, Rob Walton, Steuart Walton and Linda Wolf.
The company also issued its 2016 Annual Report, Global Responsibility Report, an update on its Global Ethics and Compliance Program, and filed its Proxy Statement in preparation for the company's upcoming Annual Shareholders' Meeting.
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