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Wal-Mart says former CEO Scott to retire from board

Reuters
A man stands on a skateboard outside a Wal-Mart store in Williston, North Dakota March 13, 2013. REUTERS/Shannon Stapleton

(Reuters) - Wal-Mart Stores Inc (NYSE:WMT - News) said former Chief Executive Officer Lee Scott and board member Chris Williams will not stand for re-election to the retailer's board.

Scott will complete his service as director at the company's annual shareholders' meeting on June 6, "in line with Walmart`s historical practice for its prior CEOs' Board service," the company said in a statement on Wednesday.

Scott had joined Wal-Mart in 1979 and served as its chief executive officer from 2000 till 2009.

Williams, chief of The Williams Capital Group, is stepping down from the board after 10 years, in accordance with the company's corporate governance guidelines, Wal-Mart said.

Following the retirements, the company's board will consist of 14 directors.

(Reporting by Sampad Patnaik in Bangalore; Editing by Mohammad Zargham)