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Wal-Mart Stores, Inc. has announced changes to its Board of Directors designed to strengthen the board for the future, while maintaining its independence, diverse backgrounds of directors and breadth of experience. The changes include ordinary-course retirements of four board members and a reduction in the size of the board to maximize its effectiveness in supporting the company’s strategy. They will take effect following the company's Annual Shareholders’ Meeting on June 3, 2016 in Bud Walton Arena on the University of Arkansas campus in Fayetteville, Ark.
Current board members Aida Alvarez, Roger Corbett, Mike Duke and Jim Walton, will not stand for re-election at the Company's Annual Shareholders’ Meeting. The Company also announced that as part of the board’s succession planning, the board has nominated Steuart Walton for election to the Walmart board. These changes will reduce the number of directors serving on the board from 15 to 12 directors.
With the proposed changes, the Walmart board will maintain its current independent majority at 67%. The board’s 12 nominees, if elected, represent an effective mix of deep company knowledge and fresh perspectives, including five independent board members added over the past four years. Walmart has placed a focus on technology with the additions of Marissa Mayer, president and CEO of Yahoo! Inc., and Kevin Systrom, CEO and co-founder of Instagram. In addition, Penner, appointed board chairman in 2015, provides extensive expertise in technology, finance and international business.