UPDATE 1-Wal-Mart appoints Walton family member as vice chairman
(Adds details on small-format stores, e-commerce investment)
By Siddharth Cavale and Sruthi Ramakrishnan
June 6 (Reuters) - Wal-Mart Stores Inc appointed Gregory Penner as vice chairman, showing again that the world's largest retailer is looking at younger executives to revive its fortunes.
The appointment of 44-year-old Penner puts him in a position to succeed Chairman Rob Walton, his 69-year-old father-in-law.
Penner, who has been on Wal-Mart's board since 2008, is a general partner at Madrone Capital Partners, according to Wal-Mart's website. From 2002 to 2005, he was Wal-Mart's senior vice president and the chief financial officer of its Japan unit.
The announcement, made in Wal-Mart's annual shareholder meeting on Friday, comes at a time when the company's U.S. same-store sales are falling and it struggles to get beyond a bribery scandal at its Mexico unit that cost it more than $500 million since 2012.
Wal-Mart is also facing increasing dissent from its employees who, backed by unions, are demanding higher wages, better benefits and more full-time jobs.
The company appointed Doug McMillon, 47, as its chief executive in November to help stanch the fall in sales and improve its image following the Mexico scandal. He took the helm in February, replacing 64-year-old Mike Duke.
Wal-Mart said on Friday it was doubling down on small-format stores, typically one quarter the size of its supercenters, to broaden its customer base and fend off aggressive rivals. Continuación...