Wal-Mart Stores Inc. said on Friday that it has elected Greg Penner to the position of chairmn of the board, replacing Rob Walton, who served as chairman since 1992. Penner, who is Walton's son in law, was previously the vice chairman, has been with the discount retailer for 15 years, including the last seven as a board member. Before joining Wal-Mart, Penner was an analyst at Goldman Sachs . Separately, Wal-Mart realigned its board committees, so that most of its independent directors will serve on at least two committees. The stock fell 0.5% in morning trade. It has dropped 14% year to date while the Dow Jones Industrial Average has gained 0.1%.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below