Greg Penner has been named Wal-Mart’s new chairman, replacing Rob Walton, who has served in that capacity since 1992.
Penner, Walton’s son-in-law, began his career at Goldman Sachs as a corporate finance analyst. He then joined Wal-Mart as a management trainee and has held a number of positions throughout the company, including vice chairman.
Walton will continue to serve as director. He is the son of company founder, Sam Walton.