Retail giant Wal-Mart Stores, Inc. (WMT) said Monday it has added former Chairman and Chief Executive Officer of American Airlines Tom Horton as the sixteenth member of its board of directors, effective November 21. He will also serve as a member of the company's Audit Committee.
"Tom's management and business experience and, in particular, his roles in operational and financial management at American Airlines will bring valuable insights to the Board," Walmart Chairman Rob Walton said in a statement.
Horton, age 53, brings to Walmart's board more than 30 years of business and finance experience. He most recently served as chairman and CEO of American Airlines from November 2011 to December 2013, after being named President in July 2010. He remained non-executive Chairman of the board until June 2014.
As CEO of American Airlines, Horton was instrumental in leading it through a successful restructuring and turnaround which culminated in the merger with US Airways to create the world's largest airline.
In March 2006, Horton had returned for a second tenure at American Airlines as executive vice president of finance and planning. He had left American Airlines in June 2002 to join AT&T, Inc. (T) as its CFO. He was later appointed Vice Chairman of AT&T.
Horton initially joined American Airlines in 1985 after serving as a partner at international accounting partnership firm Peat Marwick & Co., now KPMG. He rose to a role of senior vice president of finance and CFO until 2002, when he left for AT&T.
"His broad leadership roles combined with his global insights and understanding of the corporate issues a multinational company manages will benefit the Board, our management team and our shareholder," Walton added.
The world's largest retailer's board also includes Instagram Co-Founder and CEO Kevin Systrom and Marissa Mayer, president and CEO of Yahoo!, Inc. (YHOO).
WMT closed Friday's regular trading session at $84.65, down $0.31 on a volume of 6.65 million shares.
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