Head of Walmart no longer a Walton...oh wait

There's a new head of Walmart's Board of Directors, a new leader who is not a Walton, oh wait a minute.

The company recently announced that 70-year-old Rob Walton will be stepping down as the chairman of the board after 33 years on the job. Taking over for Walton will be Greg Penner, Rob Walton's son-in-law. Penner was previously the board's vice chairman.

"This transition demonstrates Walmart's commitment to long-term successions planning and keeping high caliber, capable leaders at the head of our company," Rob Walton said in a company news release.

The move comes as a slap in the face to shareholders who backed a resolution by an OUR Walmart member and shareholder calling on the company to appoint an independent chairman. The measure was defeated at Walmart's annual shareholder meeting. The result of the vote is not yet public, but last year 40% of non-Walton shareholders supported a similar measure.

It is now up to the 43-year-old to lead Walmart and hopefully bring meaningful change to the company. A few suggestions can be found here.