Walmart Board of Directors Elects Greg Penner as New Chairman

FAYETTEVILLE, Ark.–(BUSINESS WIRE)–The Board of Directors of Wal-Mart Stores, Inc. (NYSE: WMT) today
announced the election of Greg Penner, who previously served as the
Board’s Vice Chairman, to the position of Board Chairman, effective at
the end of today’s Shareholders Meeting. Penner takes over from Rob
Walton, 70, who served as Chairman of the Board since 1992 and will
continue to serve as a director.

“This transition demonstrates Walmart’s commitment to long-term
succession planning and keeping high caliber, capable leaders at the
head of our company,” said Walton. “Greg’s service to Walmart spans more
than 15 years, and during that time he has had a significant impact,
both as an associate and as a Board member the past seven years. Greg
has done an outstanding job as our Vice Chairman over the past year, and
he has provided strong leadership and guidance as the Chairman of our
Technology and eCommerce Committee since it was formed in 2011. He
brings an ideal blend of finance, technology and international business
expertise – as well as a deep knowledge and love of Walmart – to this

“It would be impossible to overstate Rob Walton’s impact on Walmart and
how personally committed he has been over the years,” said Penner. “I’m
deeply honored to follow in his footsteps and recognize the deep
responsibility I have to our associates, all shareholders and the Board.
I’ve admired this company since my first Saturday morning meeting more
than two decades ago. I believe in its mission and the positive role it
plays throughout the world. I am excited about continuing to work with
our outstanding senior management team and talented Walmart associates
at all levels of the company.”

Penner, 45, began his career at Goldman Sachs & Co. as an analyst
specializing in corporate finance. He then joined Walmart as a
management trainee and held a number of positions throughout the
company, including Senior Vice President of Finance and Strategy for and Senior Vice President and CFO – Japan. Since 2005, he
has been a general partner of investment management firm Madrone Capital
Partners. Penner joined the Walmart Board of Directors in 2008. He has
served as chair of the Technology and eCommerce Committee and held
positions on the Global Compensation and Strategic Planning and Finance
Committees. He is the son-in-law of Rob Walton.

In addition to the Board’s leadership changes, the company is also
realigning the composition of its Board committees so that most of the
independent directors will serve on at least two Board committees. This
includes the company’s governance committees (the Audit Committee and
the Compensation, Nominating and Governance Committee) and strategy
committees (the Strategic Planning and Finance Committee and the
Technology and eCommerce Committee). New Board committee assignments are
available here.

“These changes reinforce our commitment to exclusively independent
directors on our governance committees, and increases the number of
independent members on our strategy committees, which have a majority of
independent directors,” said James I. Cash, Jr., Lead Independent
Director, Board of Directors. “This adjustment is consistent with
Walmart’s approach to continuous improvement of our Board practices and
sound corporate governance.”

About Walmart

Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save
money and live better – anytime and anywhere – in retail stores, online,
and through their mobile devices. Each week, we serve nearly 260 million
customers who visit our 11,462 stores under 65 banners in 28 countries
and e-commerce websites in 11 countries. With fiscal year 2015 revenue
of $486 billion, Walmart employs more than 2 million associates
worldwide. Walmart continues to be a leader in sustainability, corporate
philanthropy and employment opportunity. Additional information about
Walmart can be found by visiting
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Wal-Mart Stores, Inc.
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