Why Walmart Is Shrinking Its Board of Directors

Wal-Mart Stores said it will shrink its board by three members to 12, bringing it closer to U.S. corporate norms in a move the largest U.S. retailer hopes would allow it to respond more nimbly to rapid market changes. The change will take place after Walmart’s annual shareholders’ meeting on June 3, it said in a statement. The revamp includes the retirement of Jim Walton, 67, the youngest son of late Walmart founder Sam Walton, after 11 years on the board, the retailer said. His son Steuart, 34, has been nominated for a board seat. Also departing are Aida Alvarez, a former member of U.S. President Bill Clinton’s cabinet, retail industry veteran Roger Corbett, and Mike Duke, who was Walmart’s chief executive from 2009 to 2014.