Wal-Mart CEO, wife donate $1M to University of Arkansas

Doug McMillon, CEO of Wal-Mart Stores Inc. of Bentonville, Ark., and his wife, Shelley, are giving $1 million to the University of Arkansas' Sam M. Walton College of Business.

Arkansas Business reports the money would establish the McMillion Family Endowed Excellence Fund, a stepping stone on the road to UA creating a school of global retail operations and innovation in the business college.

"The school has the potential to offer interdisciplinary programs in retail, generate international prominence and establish ourselves as the premier location for consumer research and retail education," UA Chancellor G. David Gearhart said in a news release. "The McMillons’ generous contribution will positively impact both the Walton College and the University of Arkansas as a whole, as each one will benefit from the other’s success."

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