Glass Retiring From Wal-Mart Board

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Glass Retiring From Wal-Mart Board

Wal-Mart Stores, Inc. said this week that Wal-Mart board member and former president and CEO David Glass won’t stand for re-election to the company's board of directors at Wal-Mart's annual shareholders' meeting, scheduled for June 5. Glass joined Wal-Mart as EVP of finance in 1976, was elected to its board a year later and became president in 1984. He succeeded the company's founder Sam Walton as president and CEO in January 1988 and remained in that position until he retired in January 2000.

"I cannot overstate David's contribution to our company," noted Rob Walton, chairman of the board of Wal-Mart Stores, Inc. "He established a new foundation for the company's growth, and my dad considered him to be one of the finest retail talents he had ever met."

Before joining Wal-Mart Glass worked at Consumer's Markets. He is credited with establishing Wal-Mart's first distribution center outside of Bentonville, and with computerized distribution, showing that the retailer's geographic reach could be extended well beyond its home state. Glass became vice chairman and CFO in 1982, in which role he was instrumental in the creation of Sam's Club, of which there are now more than 700 locations worldwide. He subsequently rose to president and COO in 1984 and president and CEO in 1988. That same year, Glass pioneered development of the first supercenter, which is now the company's main retail format. Later, under Glass' leadership, Wal-Mart grew into the nation's largest retail company and made its first international acquisition, in Mexico.

After his 2000 retirement, Glass became owner of the Kansas City Royals baseball team and continued as a member of the Wal-Mart board, as chairman of the Executive Committee until 2006 and, most recently, as a member of the Strategic Planning and Finance Committee.

Wal-Mart's board will now consist of 15 directors, all of whom will stand for re-election to the board at Wal-Mart's annual shareholders' meeting next month.