FAYETTEVILLE, Ark. – Walmart’s board of directors has elected Greg Penner to serve as chairman. He succeeds Rob Walton, 70, who has served as chairman since 1992.

Greg Penner

Walmart said Friday that Walton will continue to serve on the board. Penner, 45, is Walton’s son-in-law, and he has served on the retailer’s board since 2008. Last year he was named vice chairman.

“This transition demonstrates Walmart’s commitment to long-term succession planning and keeping high-caliber, capable leaders at the head of our company,” Walton said.

“Greg’s service to Walmart spans more than 15 years, and during that time he has had a significant impact, both as an associate and as a board member the past seven years. Greg has done an outstanding job as our vice chairman over the past year, and he has provided strong leadership and guidance as the chairman of our technology and e-commerce committee since it was formed in 2011,” Walton added. “He brings an ideal blend of finance, technology and international business expertise — as well as a deep knowledge and love of Walmart — to this role.”

The succession is effective at the end of Walmart’s annual shareholders meeting on Friday.

“It would be impossible to overstate Rob Walton’s impact on Walmart and how personally committed he has been over the years,” Penner said. “I’m deeply honored to follow in his footsteps and recognize the deep responsibility I have to our associates, all shareholders and the board. I’ve admired this company since my first Saturday morning meeting more than two decades ago. I believe in its mission and the positive role it plays throughout the world. I am excited about continuing to work with our outstanding senior management team and talented Walmart associates at all levels of the company.”

Penner began his career at Goldman Sachs & Co. as an analyst specializing in corporate finance. He then joined Walmart as a management trainee and held a number of positions throughout the company, including senior vice president of finance and strategy for Walmart.com and senior vice president and chief financial officer for Walmart Japan.