Wal-Mart Stores named vice-chairman Greg Penner as its new chairman, replacing his father-in-law Rob Walton and cementing the founding family's influence over the retailer's board.

Penner, 45, has been on the retailer's board since 2008 and was named vice-chairman last June, in a move widely seen as setting the stage for him to succeed Walton, the 70-year-old son of founder Sam Walton and chairman for the past 23 years.

Penner started his career as an analyst at Goldman Sachs Group before joining Walmart as a management trainee and served in a number of roles, including as chief financial officer of its Japan operations.

He became part of the Walton family through his marriage to Carrie Walton Penner, granddaughter of Sam Walton, who died in 1992.

Some investors have pressed for a chairman without ties to the Waltons, arguing that a greater measure of independent oversight is needed for a company that has been dealing with a three-year-old probe into alleged bribery overseas.

Penner told the 14,000 workers, shareholders and others in attendance at the meeting that board's structure was sound.

After yesterday's election, 10 of the 15 directors will be independent.-Reuters