Walmart names another founding family member as chairman

New York

WALMART Stores Inc named another member of the founding Walton clan as its next chairman, renewing concerns that the world's largest retailer is still run like a family business.

Greg Penner, the grandson-in-law of Walmart creator Sam Walton, will become only the third chairman in the company's 53-year history. He replaces Rob Walton, the oldest son of the founder, who has held the role since 1992.

While Walmart telegraphed the move last year when it made Mr Penner vice-chairman, the change sparked fresh criticism about nepotism. Investors may worry that the board will emphasise the family's interests over those of other shareholders, said Charles Elson, a law professor who runs the University of Delaware's corporate-governance centre. "Turning it over to a relative doesn't give the rest of the shareholders the same con…