Wal-Mart Nominates New Board Members as Two Directors Leave
By Khaleeq Ahmed
April 22 (Bloomberg) -- Wal-Mart Stores, Inc. nominated two new members to its board of directors and said current directors Jack Shewmaker and Roland Hernandez would not seek re-election at the annual meeting in June.
Gregory Penner, a general partner at Madrone Capital Partners, and Arne Sorenson, 49, executive vice president and chief financial officer of Marriott International Inc., have been nominated to join Wal-Mart's board, the company said in a statement on PRNewire.
Penner, 38, is married to chairman Rob Walton's daughter, according to the statement.
Departing board member Shewmaker joined Wal-Mart in 1970 and continued to serve on the board after his retirement from the company in 1988. Hernandez joined Wal-Mart's board in 1998 and is the retired chairman chief executive of Telemundo Group Inc.
The company didn't provide any reason for the director's departure. An after-hours phone call to Wal-Mart spokesman Carol Schumacher seeking comment was not immediately returned.
The Bentonwille, Arkansas-based company will hold its annual shareholders meeting June 6.
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