By Connor Hart
Walmart asked two of its board members to serve past the retailer's standard 12-year limit as part of its succession planning process.
Tim Flynn and Marissa Mayer agreed to remain on Walmart's board until next year, subject to election, according to a proxy statement filed Thursday with the Securities and Exchange Commission.
Flynn chairs the board's audit committee and has experience in risk management and financial reporting oversight, while Mayer brings key technology and cybersecurity experience, Lead Independent Director Tom Horton said.
"Both are key board contributors, and I'm very pleased that they will continue to bring their strategic thinking and oversight to our board," he said.
The board will continue its board succession planning process in order to recruit the next generation of directors, Horton said.
Horton plans to continue to serve as the board's lead director until June 5, at which time Randall Stephenson is set to succeed him, subject to election. Stephenson, who has served on the board since 2021, will also assume the duties of chairman of the nominating and governance committee.
The company's annual meeting is the scheduled for June 5.
The board brought on two new members last year: Brian Niccol, who currently serves as chief executive of Starbucks, and Bob Moritz, the former chairman of PricewaterhouseCoopers.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 24, 2025 17:07 ET (21:07 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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