Wal-Mart Stores, Inc. (NYSE: WMT) today announced that Walmart Board
member and former President and Chief Executive Officer Lee Scott and
Board member Chris Williams will not be standing for re-election to the
company’s Board of Directors at Walmart’s Annual Shareholders’ Meeting
on Friday, June 6.
Scott will complete his service as a Director in June at the Annual
Shareholders’ Meeting in line with Walmart’s historical practice for its
prior CEOs’ Board service. Williams is rotating off of the Board after
10 years of service in accordance with Walmart’s corporate governance
guidelines.
“Lee and Chris have demonstrated thoughtful and insightful leadership in
their service and commitment to the Board,” said Rob Walton chairman of
the Board of Directors. “We offer our deep thanks to both for their
service to our company, our Board and our shareholders.”
Scott served as Walmart’s president and chief executive officer from
January 2000 until his retirement on Jan. 31, 2009. He joined Walmart’s
transportation team in 1979 and rose through the ranks of the company’s
logistics operation to executive vice president of logistics in 1993.
Scott was instrumental in continually improving Walmart’s distribution
network, one of the most technologically advanced and efficient networks
in the world.
In 1995, Scott was elevated to executive vice president of merchandise,
and under his leadership, the merchandise team eliminated excess
inventory in the stores and achieved record sales increases with minimal
increases in inventory levels. In 1998, Scott was named president and
chief executive officer of the Walmart Stores Division, and one year
later, he became chief operating officer and vice chairman of Walmart
before his promotion to president and CEO.
“Lee displayed strong character in leading Walmart, and he has been a
vital part of our history during an important period in the company’s
growth,” Walton said. “During his 30 years of service, Lee’s
extraordinary contributions helped us make significant strides in areas
such as sustainability, reputation, diversity and inclusion of all
people. My dad would have been proud of Lee’s accomplishments in leading
Walmart. As they worked together, he understood the valuable role Lee
played in managing logistics and the importance of our professional
drivers.”
In addition to operational improvements, Scott is recognized for people
development, including the launch of a corporate diversity initiative.
In 2005, he launched an aggressive corporate environmental
sustainability initiative, leveraging Walmart’s global reach in three
key areas: renewable energy, zero waste, and sustainable products.
Williams is the chairman and CEO of The Williams Capital Group, L.P., an
investment bank providing institutional investors and corporate,
governmental, and municipal clients with products and services in
equities, fixed income, corporate finance, investment management and
private equity. He has served on the Board of Directors of Cox
Enterprises, Inc., since 2012 and as a director of Caesars Entertainment
Corporation from November 2003 to January 2008 and from April 2008 to
present.
“We appreciate Chris’ insights, his understanding of the importance of
strong governance and his commitment to our shareholders,” Walton said.
“During the past 10 years, his diverse financial, accounting and
management background enabled him to assume essential leadership roles
and make key contributions, including work on enhancing our global
compliance program. We wish him continued success in the future.”
With Scott’s and Williams’ retirement, the Walmart Board will consist of
14 directors, all of whom will stand for re-election to the Board at
Walmart’s Annual Shareholders’ Meeting on June 6. Those directors
include Aida Alvarez, Dr. James Cash, Roger Corbett, Pamela Craig, Doug
Daft, Mike Duke, Tim Flynn, Marissa Mayer, Doug McMillon, Greg Penner,
Steven Reinemund, Jim Walton, Rob Walton and Linda Wolf. Craig joined
the Board in November and McMillon joined the Board in November when he
was appointed to succeed Duke as president and CEO of Walmart in
February.
For more information regarding the Board’s nominees for election at the
company’s 2014 Annual Shareholders’ Meeting, as well as other matters to
be considered at the meeting, please see Walmart’s 2014 Proxy Statement
which can be read online.
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, more than 250 million
customers and members visit our 10,984 stores under 71 banners in 27
countries and e-commerce websites in 10 countries. With fiscal year 2014
sales of over $473 billion, Walmart employs more than 2.2 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 http://corporate.walmart.com,
on Facebook at http://facebook.com/walmart
and on Twitter at http://twitter.com/walmart.
Online merchandise sales are available at http://www.walmart.com
and http://www.samsclub.com.
Copyright Business Wire 2014