Walmart grabbed some attention with its mid-week announcement that it will be resizing and redesigning its board of directors some. Going forward, Walmart’s board with have 12 members as opposed to 15, in an attempt to more closely resemble other retail boards nationally. The change is also designed to help Walmart respond more quickly as market conditions vary.
The changes will see 67-year-old Jim Walton retire from the board. Walton is the youngest son of founder Sam Walton and has served for 11 years. Steuart Walton has reportedly been nominated to fill his father’s place.