BENTONVILLE, Ark.,
April 20
--
Wal-Mart Stores, Inc.
(NYSE: WMT) today announced that
Wal-Mart
board member and former President and Chief Executive Officer
David Glass
has chosen not to stand for re-election to the company's board of directors at
Wal-Mart's
annual shareholders' meeting on
June 5
. Glass joined
Wal-Mart
as executive vice president of finance in 1976, was elected to its board a year later and named president in 1984. He succeeded the company's founder
Sam Walton
as president and CEO in
January 1988
and remained in that position until retiring in
January 2000
.
"I cannot overstate David's contribution to our company," said
Rob Walton
, chairman of the board of
Wal-Mart Stores, Inc.
"He established a new foundation for the company's growth, and my dad considered him to be one of the finest retail talents he had ever met."
Glass joined
Wal-Mart
from Consumer's Markets in 1976. He is credited with establishing the company's first distribution center outside of Bentonville, and with computerized distribution, proving that the company's geographic reach could be extended well beyond its home state. Glass was named vice chairman and chief financial officer in 1982 and was instrumental in the creation of
Sam's Club
, of which there are now more than 700 worldwide, a year later. He was named president and chief operating officer in 1984 and president and CEO in 1988. That year, Glass pioneered development of the first supercenter, which is now the company's dominant retail format. Later, under Glass' leadership,
Wal-Mart
became the nation's largest retail company and made its first foray into international markets with an acquisition in
Mexico
.
After leaving
Wal-Mart
, Glass became owner of the
Kansas City Royals
professional baseball team and continued to serve on the
Wal-Mart
board, as chairman of the Executive Committee until 2006 and, most recently, as a member of the Strategic Planning and Finance Committee.
"David joined
Wal-Mart
at a crucial time in the company's history, bringing expertise in finance and distribution and pioneering the use of computer systems to link our stores and supply chain," Walton said. "He is a great merchant who never lost the customer perspective. He encouraged frequent and open communication, and his talent for expressing his ideas was exceeded only by his talent for listening."
"We offer our profound thanks to David for his service to our company and our board," Walton continued. "The company benefited immeasurably from his stewardship and his leadership on the board of directors, where he served for the last 31 years."
With Glass' retirement,
Wal-Mart's
board will consist of 15 directors, all of whom will stand for re-election to the board at
Wal-Mart's
annual shareholders' meeting on
June 5
. Those directors include
Aida Alvarez
,
James Breyer
,
Michele Burns
, Dr.
James Cash
,
Roger Corbett
,
Douglas Daft
,
Mike Duke
,
Greg Penner
, Allen Questrom,
Lee Scott
,
Arne Sorenson
,
Jim Walton
,
Rob Walton
,
Chris Williams
and
Linda Wolf
. Duke joined the board in November when he was appointed to succeed Scott as president and CEO of
Wal-Mart
in February.
For more information regarding the board's nominees for election at the company's 2009 Annual Shareholders' Meeting, as well as other matters to be considered at the meeting, please see
Wal-Mart's
2009 proxy statement which can be accessed at www.walmartstores.com by clicking on "Investors" and then "Annual Shareholders' Meeting."
Wal-Mart Stores, Inc.
operates
Walmart
discount stores, supercenters, Neighborhood Markets and
Sam's Club
locations in the
United States
. The company also operates in
Argentina
,
Brazil
,
Canada
,
Chile
,
China
,
Costa Rica
,
El Salvador
,
Guatemala
,
Honduras
,
India
,
Japan
,
Mexico
,
Nicaragua
,
Puerto Rico
and the
United Kingdom
. The company's common stock is listed on the
New York Stock Exchange
under the symbol WMT. More information about
Wal-Mart
can be found by visiting www.walmartstores.com. Online merchandise sales are available at www.walmart.com and www.samsclub.com.
SOURCE
Wal-Mart Stores, Inc.
04/20/2009
CONTACT:
John Simley
of
Wal-Mart Stores, Inc.
, +1-479-277-0212
Web Site: www.walmartstores.com.
www.samsclub.com
