Greg Penner’s
expected rise to Walmart leadership was formalized this morning with the election of Penner to succeed his father-in-law, Rob Walton, as chair of the retailer’s board. The annual stockholder meeting is underway in Fayetteville with the usual lineup of celebrity entertainment.

Rob Walton remains on the Board. Penner’s rise was forecast by a creation of the position of vice chairman for him a year ago.

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Bloomberg reports.

The Waltons control the company through their vast stock ownership and seem unconcerned with critics’ call for a decrease in the family influence on the board.

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A group that tracks Walton influence has this rundown on the Penner end of the Walton tree.