Wal-Mart Stores Inc said on Wednesday it will shrink its board by three members to 12, bringing it closer to U.S. corporate norms in a move the largest U.S. retailer hopes would allow it to respond more nimbly to rapid market changes.
The change will take place after Wal-Mart's annual shareholders' meeting on June 3, it said in a statement.
The revamp includes the retirement of Jim Walton, 67, the youngest son of the late Wal-Mart founder Sam Walton, after 11 years on the board, the retailer said. His son Steuart, 34, has been nominated for a seat on the board.
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