(Bloomberg) -- The Waltons, one of the world’s wealthiest families, said Thursday that internal governance of their ownership interest in Walmart Inc. will expand to include its next generation.
There won’t be changes to leadership roles held by family members, who are descendants of the company’s founder Sam Walton. The family said maintaining the balance of family and non-family ownership will continue to be important.
Steuart Walton and Gregory Penner currently serve on Walmart’s board of directors. Steuart is a third-generation Walton, while Penner is the son-in-law of Rob Walton. Rob, a son of Sam, retired from the board earlier this year.
Sam Walton founded the company in 1962. Walmart, which started as a single store in Arkansas, has since become the world’s largest retailer. Walmart shares are up about 78% this year through Thursday’s close.
The Walton family holds about 45% of Walmart’s shares, making it the largest shareholder.
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