BENTONVILLE, Ark., April 19, 2010 --Wal-Mart Stores, Inc. (NYSE: WMT) today announced that its board of directors has nominated StevenSReinemund, former PepsiCo, Inc. chairman and chief executive officer, for election to the Walmart board at the company's annual shareholders meeting to be held on June 4, 2010. The company also announced that current board member Allen Questrom will not stand for re-election.
"Steve was a valued partner to our business during his tenure at PepsiCo, and his domestic and international retail experience makes him an ideal candidate to join our board," said Walmart Chairman Rob Walton. "He is a gifted strategist, with strong expertise in both finance and operations."
Reinemund, 62, is dean of business and professor of Leadership and Strategy at Wake Forest University in North Carolina. He spent 23 years at PepsiCo, including his tenure as chairman and CEO from 2001 to 2006. He served as the company's president and chief operating officer, as well as chairman and CEO of its Frito-Lay division. Reinemund is a member of the board of directors of Exxon Mobil Corporation, American Express Company and Marriott International, Inc.
"I want to express our thanks to Allen for his service on our board," Walton added. "He is one of the most talented and experienced retailers in the country and we appreciate the insight and counsel he provided."
Questrom was the chairman and CEO of J.C. Penney Company, Inc. He currently serves on the board of directors of Sotheby's Holdings, Inc. and is a senior advisor with Lee Equity Partners, LLC. He joined Walmart's board in June 2007.
For more information regarding the board's nominees for election at the company's 2010 annual shareholders meeting, as well as other matters to be considered at the meeting, please see http://Walmartstores.com/annualmeeting
Wal-Mart Stores, Inc. (NYSE: WMT), or "Walmart," serves customers and members more than 200 million times per week at more than 8,400 retail units under 55 different banners in 15 countries. With fiscal year 2010 sales of $405 billion, Walmart employs more than 2.0 million associates worldwide. A leader in sustainability, corporate philanthropy and employment opportunity, Walmart ranked first among retailers in Fortune Magazine's 2009 Most Admired Companies survey. Additional information about Walmart can be found by visiting www.walmartstores.com and on Twitter at http://Twitter.com/Walmartnews. Online merchandise sales are available at www.walmart.com and www.samsclub.com.
SOURCE Wal-Mart Stores, Inc.