By Ben Glickman

Walmart's one-time chair and long-serving board member Rob Walton, the son of the retail giant's founder, will retire from the company's board in June.

The company said in its annual proxy statement that Walton was the longest-serving board member at Walmart after more than 40 years. He joined the company in 1969 and worked alongside Walmart founder Sam Walton's 5&10 store.

Walton was chair of Walmart's board from 1992 to 2015.

Walmart said in its filing that it was nominating Brian Niccol, chairman and chief executive of Chipotle Mexican Grill, to the board.

The company said that Niccol would be the fifth new independent director elected to the board since 2017.

Write to Ben Glickman at

(END) Dow Jones Newswires

04-25-24 1712ET