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Retail

Useless News Of The Day: Son Of Sex Therapists Join Wal-Mart (WMT) Board

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By Douglas A. McIntyre Published
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Most of the descendants of Sam Walton, the founder of Wal-Mart (WMT) have often been a quart low. That may be why none of them has run the company. One of his daughters raises llamas. Another died flying a poorly-built ultra-light airplane.

Now, the family has decided to put an in-law on the board, He has done work at the company. And, his parents are sex therapists, which does not disqualify him altogether. The fact that he was CFO of the Wal-Mart operation in Japan, which has lost hundreds of millions of dollars, probably should.

According to The Wall Street Journal, "Gregory B. Penner, who was nominated to the board in April, is the 38-year-old son-in-law of Wal-Mart Chairman S. Robson Walton, himself a son of company founder Sam Walton."

Penner has a bit of a padded resume. He helped "start" the walmart.com business. He now runs the family investments.

Wal-Mart shareholders should be concerned if he is the most qualified candidate the board could find.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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