Updates with information on Steuart Walton's election.
The world's largest retailer announced that Steuart Walton, 33, was elected to Walmart's board of directors. This Walton is the second of Jim (who is also a director on Walmart's board) and Lynne Walton's four children and the grandson of Sam Walton.
Walton is currently the CEO of Game Composites, a company he founded in 2013 that designs and builds small composite aircraft. And he is no foreigner to Walmart culture -- not only did he grow up around the business, but he worked in mergers and acquisitions in Walmart's international division.
The fresh-faced Walton gives Walmart another family member on the board after one long-time director recently moved aside. Walmart's chairman -- and a son of founder Sam -- Rob Walton, stepped down last year. Jumping into the role was 46-year-old Greg Penner, who kicked off Walmart's annual meeting with an impassioned speech on how the retailer was transforming. Penner is Rob Walton's son-in-law.