Wal-Mart is shrinking the number of board members to 12 from 15 as it looks to bolster the board for the future.
As part of the changes, four directors, including its former CEO Mike Duke and Jim Walton, the son of the retailer's late founder Sam Walton, will not stand for re-election at the company's annual shareholders' meeting, set for June 3. But the board is adding the founder's grandson in keeping with its history of having three Walton family members as directors.
"With these retirements, we view this as a time to make our board more nimble, while maintaining its independence and further aligning on Wal-Mart's strategic priorities," said Greg Penner, chairman of the board, in a statement.
The move, announced Wednesday, comes as Wal-Mart Stores Inc. disclosed in a Securities and Exchange Commission filing that the total compensation package of its CEO Doug McMillon rose 2 percent to $19.4 million for the year that ended in January.