Rob Walton introduces incoming board chairman Greg Penner

Rob Walton introduces incoming board chairman Greg Penner.

Penner succeeds Walton as Walmart board chair

Greg Penner will take over for his father-in-law Rob Walton as chairman of the board of Wal-Mart Stores, effective Friday, the company announced at its annual meeting in Fayetteville, Ark.

Penner, 45, will be the third chairman in Walmart's 53-year history. Rob Walton, 70, had served in that role since 1992, when he took over for his father, Walmart founder Sam Walton.

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