Greg Penner Emerges as Heir to Wal-Mart’s Chairmanship
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Greg Penner, the grandson-in-law of Wal-Mart Stores Inc. founder Sam Walton, became heir apparent to the chairman role today after spending almost a decade investing the family’s money as head of a venture firm in Silicon Valley.
Penner, a 44-year-old who participates in triathlons, brings California sensibilities to the Arkansas-based retail chain, which named him vice chairman at its annual meeting today. Penner received his MBA from Stanford University in 1997 before taking a series of Wal-Mart management jobs. In 2005, he started Madrone Capital Partners, a firm backed by money from Wal-Mart Chairman Rob Walton and other family members. Penner then joined Wal-Mart’s board in 2008.