Wal-Mart Stores Trims Board Membership

Wal-Mart Stores Inc. said Wednesday it has cut down the number of its board members to 12 from 15 directors in an effort to "maximize" the board's "effectiveness in supporting the company's strategy," the retailer said in statement. The company also said it kept Marissa Mayer, president and CEO of Yahoo Inc., and Kevin Systrom, CEO and co-founder of Instagram, on its board in order to focus on technology. Four board members will retire. The changes take effect after the company's annual meeting on June 3. Shares of Wal-Mart rose 0.1% in late trading Wednesday after ending the regular trading day down 0.8%.