One of Sam Walton's relatives is joining the Wal-Mart (NYSE: WMT) board, so there is, of course, speculation that he may one day get the top job. Of course, he probably does not have one iota of qualification to do anything at the world's largest retailer.
According to The Wall Street Journal, "Gregory B. Penner, who was nominated to the board in April, is the 38-year-old son-in-law of Wal-Mart Chairman S. Robson Walton, himself a son of company founder Sam Walton." That is not entirely true. He was the CFO of the company's Japan operation which has lost hundreds of millions of dollars.
Penner's parents are sex therapists. An excellent background for running a massive chain of big stores.
Douglas A. McIntyre is an editor at 247wallst.com.
Wal-Mart Stores, Inc.
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