By Andy Serwer
The Walton family, which own a major stake of Walmart's stock, and are offspring of founder Sam Walton, have expanded voting rights to younger members of their family.
Previously, the voting members were Rob Walton, 80, and his siblings Jim Walton, 76, and Alice Walton, 75, all children of patriarch Sam Walton, as well as Lukas, 38, son of the late John Walton. Also a child of Sam Walton, John Walton passed away in 2005.
Now, the voting block has been expanded to a total of 11 family members according to a person close to the company. New family voting members are Benjamin S. Walton, Carrie Walton Penner, and Samuel R. Walton, children of Rob Walton; and James M. Walton, Steuart L. Walton, Thomas L. Walton, and Alice Proietti, children of Jim. (A family tree is here.)
"As part of their commitment to Walmart's success, the Walton family believes responsible ownership requires thoughtful planning for the future," says a Thursday statement from Walton Enterprises, LLC. "Moving forward, internal governance of their ownership interest will expand to include members of the next generation of their family."
Thursday's change, the person stressed, is mostly procedural, and speaks to a continuous passing of the baton from one generation of the Walton family to the next.
"There will be no changes to the leadership roles held by family members, including service on the Board of Directors," the statement continues. "The Walton family continues to believe in the importance of maintaining the appropriate balance of family and non-family ownership, supporting the goals of all Walmart shareholders and long-term business success."
The Waltons are America's richest family with a 46% stake in Walmart that is worth more than $300 billion. The company is the world's biggest retailer and America's largest company, with $648 billion in sales. With 2.1 million employees, Walmart is also America's biggest employer.
Walmart shares have been hot lately, with a gain of 78% this year, versus 24% for the market as of Thursday afternoon. Under CEO Doug McMillon, who became CEO on Feb. 1, 2013, the stock has climbed 299% versus 290% for the market.
Write to Andy Serwer at andy.serwer@barrons.com
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(END) Dow Jones Newswires
December 19, 2024 16:38 ET (21:38 GMT)
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