Wal-Mart Appoints Walton Family Member As Vice Chairman
Wal-Mart Stores Inc appointed Gregory Penner as vice chairman, showing again that the world’s largest retailer is looking at younger executives to revive its fortunes. The appointment of 44-year-old Penner puts him in a position to succeed Chairman Rob Walton, his 69-year-old father-in-law. The announcement, made at Wal-Mart’s annual shareholder meeting on Friday, comes at a time when the company’s U.S. same-store sales are falling and it struggles to get beyond a bribery scandal at its Mexico unit.
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