Wal-Mart chairman Rob Walton steps down

Wal-Mart Stores Inc.’s top executive, Rob Walton, son of founder Sam Walton, stepped down Friday as chairman of the board after serving in that post for 23 years. The move was made at the megaretailer’s annual meeting when Vice Chairman Greg Penner, who is Walton’s son-in-law, was named the Bentonville, Ark.-based company’s board chairman.

Rob Walton, 70, is continuing to serve Wal-Mart (NYSE: WMT) as a director.

Penner, 45, joined Wal-Mart’s board in 2008 and has held a number of positions, including senior vice president of finance and strategy for Walmart.com and chief financial officer for the Japan unit. Penner is married to Rob Walton’s daughter.

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