The dynasty behind Walmart passes some control to the next generation of heirs
The wealthy Walton family says eight grandchildren will now have a say in the clan’s ownership.
The Walton family—one of the richest clans in America—is passing some of its control in Walmart to the next generation, giving all the grandchildren of Walmart’s founder voting rights over their inheritance.
Eight grandchildren of founder Sam Walton will gain voting rights over the family’s holdings, bringing the total number of voting members to 11, Walmart disclosed on Thursday. The new group, the youngest of which is 37, will continue to vote as a block in any shareholder matters.
The Waltons have long been Walmart’s largest shareholder and currently own around 46% of a global giant that started in 1962 as a single store in Arkansas. With the stock hovering near-all time highs, their collective stake is worth roughly $345 billion.
The Waltons said there will be no changes to the leadership roles or board seats held by family members. “The Walton family continues to believe in the importance of maintaining the appropriate balance of family and non-family ownership," the family said in a statement.
The family’s shares are mostly held through two entities, Walton Enterprises and the Walton Family Holdings Trust. For decades those shares have been controlled by the founder’s three living children: Alice, Jim and Rob.
Walton’s children—now in their 70s and 80s—have long been deeply involved in the business but have been stepping back. Walton’s children no longer have seats on the board, though other family members occupy two of the 12 board seats.
The Waltons have spent their wealth in various ways. Rob Walton and some of his family spent $4.65 billion to buy the Denver Broncos in 2022. Alice Walton is an art collector who built the Crystal Bridges museum in the family’s hometown of Bentonville, Ark.
The family continues to play a significant role in how Walmart operates, including weighing in on company policies behind the scenes. They also invest in trendy coffee shops and restaurants in Bentonville that help draw top talent to the region. The Waltons funded a new Walmart health and fitness center that is a perk for employees as part of the company’s ongoing effort to build a new headquarters.
The addition of eight grandchildren is a big leap to the next generation, but the transition has been happening for nearly a decade. In 2015 the company said Rob Walton would step down as chairman, to be succeeded by his son-in-law Greg Penner, the current chairman.
The following year Steuart Walton, then 34 years old, was the first of the founder’s grandchildren elected to the board. When Rob Walton left the board in April, Walmart didn’t replace him with another grandchild.
Write to Sarah Nassauer at Sarah.Nassauer@wsj.com
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