BENTONVILLE, Ark., April 20 /PRNewswire-FirstCall/ -- Wal-Mart Stores, Inc. today announced that Wal-Mart board member and former President and Chief Executive Officer David Glass has chosen not to stand for re-election to the company's board of directors at Wal-Mart's annual shareholders' meeting on June 5. Glass joined Wal-Mart as executive vice president of finance in 1976, was elected to its board a year later and named president in 1984. He succeeded the company's founder Sam Walton as president and CEO in January 1988 and remained in that position until retiring in January 2000.
"I cannot overstate David's contribution to our company," said Rob Walton, chairman of the board of Wal-Mart Stores, Inc. "He established a new foundation for the company's growth, and my dad considered him to be one of the finest retail talents he had ever met."
Glass joined Wal-Mart from Consumer's Markets in 1976. He is credited with establishing the company's first distribution center outside of Bentonville, and with computerized distribution, proving that the company's geographic reach could be extended well beyond its home state. Glass was named vice chairman and chief financial officer in 1982 and was instrumental in the creation of Sam's Club, of which there are now more than 700 worldwide, a year later. He was named president and chief operating officer in 1984 and president and CEO in 1988. That year, Glass pioneered development of the first supercenter, which is now the company's dominant retail format. Later, under Glass' leadership, Wal-Mart became the nation's largest retail company and made its first foray into international markets with an acquisition in Mexico.
After leaving Wal-Mart, Glass became owner of the Kansas City Royals professional baseball team and continued to serve on the Wal-Mart board, as chairman of the Executive Committee until 2006 and, most recently, as a member of the Strategic Planning and Finance Committee.
"David joined Wal-Mart at a crucial time in the company's history, bringing expertise in finance and distribution and pioneering the use of computer systems to link our stores and supply chain," Walton said. "He is a great merchant who never lost the customer perspective. He encouraged frequent and open communication, and his talent for expressing his ideas was exceeded only by his talent for listening."
"We offer our profound thanks to David for his service to our company and our board," Walton continued. "The company benefited immeasurably from his stewardship and his leadership on the board of directors, where he served for the last 31 years."
With Glass' retirement, Wal-Mart's board will consist of 15 directors, all of whom will stand for re-election to the board at Wal-Mart's annual shareholders' meeting on June 5. Those directors include Aida Alvarez, James Breyer, Michele Burns, Dr. James Cash, Roger Corbett, Douglas Daft, Mike Duke, Greg Penner, Allen Questrom, Lee Scott, Arne Sorenson, Jim Walton, Rob Walton, Chris Williams and Linda Wolf. Duke joined the board in November when he was appointed to succeed Scott as president and CEO of Wal-Mart in February.
For more information regarding the board's nominees for election at the company's 2009 Annual Shareholders' Meeting, as well as other matters to be considered at the meeting, please see Wal-Mart's 2009 proxy statement which can be accessed at http://www.walmartstores.com/ by clicking on "Investors" and then "Annual Shareholders' Meeting."
Wal-Mart Stores, Inc. operates Walmart discount stores, supercenters, Neighborhood Markets and Sam's Club locations in the United States. The company also operates in Argentina, Brazil, Canada, Chile, China, Costa Rica, El Salvador, Guatemala, Honduras, India, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. The company's common stock is listed on the New York Stock Exchange under the symbol WMT. More information about Wal-Mart can be found by visiting http://www.walmartstores.com/. Online merchandise sales are available at http://www.walmart.com/ and http://www.samsclub.com/.
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CONTACT: John Simley of Wal-Mart Stores, Inc., +1-479-277-0212
Web Site: http://www.walmartstores.com/
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