The Walton family, which owns a major stake in discount retailer Walmart (WMT), is expanding voting rights in the company to a new generation.
The Walton family are the heirs of Walmart founder Sam Walton. Previously, the voting members were Sam’s children Rob Walton, age 80, Jim Walton, 76, and Alice Walton, 75.
Now, the voting block is being expanded to a total of 11 family members, according to Walmart.
New family voting members include the following grandchildren of Sam Walton: Benjamin Walton, Carrie Walton Penner, Samuel R. Walton, James M. Walton, Steuart Walton, Thomas Walton, and Alice Proietti.
“The Walton family believes responsible ownership requires thoughtful planning for the future,” said Walmart in a news release.
The change in voting power at Walmart is mostly procedural and represents a “passing of the baton” from one generation of the Walton family to the next, added the news release.
“There will be no changes to the leadership roles held by family members, including service on the Board of Directors,” the news release concludes.
The Waltons are the richest family in the U.S. with a 46% stake in Walmart that is worth more than $300 billion U.S.
The company is the world’s largest retailer and the biggest publicly traded company in the U.S., with $648 billion U.S. in annual sales and 2.1 million employees.
Walmart’s stock is closing out its best year since 1998 as the discount retailer thrives in the current economic environment of persistent inflation and elevated interest rates.
Walmart’s share price has risen 76% so far in 2024 and currently trades at $93.40 U.S. per share.