Success story of Walmart CEO Jim Walton – Biggest Retail Chain globally
Jim Walton, an American businessman and the youngest son of Walmart founder Sam Walton, is the 17th richest person in the world with a net worth of USD 62.5 billion. He currently serves as Chairman and CEO of Arvest Bank Group, Inc., a company controlled by his family. Let’s know more about him.
“There is only one boss-the customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” -Sam Walton, Jim’s father.
Quick Facts:
- Name: Jim Carr Walton
- Nationality: American
- Net Worth: USD 62.5 billion (2022)
- Education: Bentonville High School Arkansas, B.A. in marketing from University of Arkansas Fayettevill,
- Occupation: Businessman and Stock Trader
- Designations: Chairman And CEO, Arvest Bank Group, Inc.
- Date of Birth: June 7, 1948
- Age:74
- Place of Birth: Newport, Jackson County, Arkansas
- Marital Status: Married
- Spouse’s Name: Lynne McNabb
- Children: 4
- Spoken Languages: English,
- Hobbies: Reading, Watching Movies,E and Travelling
Early Life:
On June 7, 1948, James “Jim Carr” Walton was born in Newport, Arkansas. The third child of Sam Walton, a co-founder of Walmart, and Helen Walton, Jim Walton has three siblings.
Jim had a gifted personality from the beginning, as he showed while attending Bentonville High School and serving as class president during his junior year. After leaving high school, he joined the football team and thrived, winning all-state honours while also learning how to fly. When he finished this and received his BA in marketing, Walmart, the firm owned by his father, employed him as an entry-level worker. In 1971, he then started attending the University of Arkansas.He joined the family business, Walmart Enterprises, in 1975 after four years of experience and a plethora of industry knowledge.
Jim Walton’s brother, John Walton, was the director of Walmart, and his death in 2005 put the family in turmoil. Jim, however, was chosen to fill the position due to his qualifications and prior employment with the organisation.
Career of Jim Walton
Walton succeeded John on the Wal-Mart Board of Directors on September 28, 2005, following John’s death. He currently participates in the committees for finance and strategic planning. He was the company’s CEO before becoming chairman of his family’s Arvest Bank. Additionally, Sam Walton’s father formed Community Publishers Inc. (CPI) after purchasing the Benton County Daily Record, a newspaper which is distributed in Arkansas, Missouri, and Oklahoma. He served as CPI’s chairman. Between 2008 and 2013, he and his siblings gave the Walton Family Foundation around $2 billion.
Local newspaper The Baton Rouge Advocate in the capital city of Louisiana, Baton Rouge, revealed in 2015 that candidates for the Louisiana Board of Elementary and Secondary Education who favour the Common Core State Standard Initiatives have received $818,00 from the PAC Empower Louisiana. According to reports, Walton owned about $11 billion worth of Walmart shares as of September 2016. In the year 2022, Jim Walton has a net worth of about USD 62.5 billion.
Walmart:
Sam Walton, Jim Walton’s father, graduated from the University of Missouri with a degree in economics and then enrolled in a management training programme at the J.C. Penney Company in Des Moines, Iowa (1940). In 1945, he opened his own Ben Franklin variety (five-and-dime) store in Newport, Arkansas. He relocated the company to Bentonville, Arkansas, five years later.
He and his brother James were in charge of a local chain of Ben Franklin stores at the start of the 1960s. Walton decided to start the business on his own when company authorities rejected his plan for a new discount store chain based in small towns. In Rogers, Arkansas, he opened the first Wal-Mart store, also known as Wal-Mart Discount City, in 1962. This business offered a large selection of products at affordable prices in an unpretentious atmosphere. (In 2018, the company’s name was changed to Walmart)
Walmart has more than 11,000 stores globally and has been a publicly traded firm since 1970. Walmart employed nearly 1.6 million Americans as of 2022. The Waltons are thought to be the richest family in the world, with a predicted net worth of $238 billion in 2021. Jim Walton and the other Sam Walton heirs combined possess 50% of Walmart shares.
Arvest Bank Group
Jim Walton now serves as chair and CEO of Arvest Bank Group, a Walton-owned regional bank that manages more than 260 institutions in more than 100 locations in Arkansas, Missouri, and Oklahoma.
The Walton family formed Arvest by acquiring the Bank of Bentonville in 1961, the Bank of Pea Ridge in 1963, and the First National Bank & Trust Company in 1975. In 2013, Arvest grew by acquiring 29 nearby Bank of America stores. As of 2022, Arvest Bank Group was one of Oklahoma’s major banks by branch count and the largest bank in Arkansas by deposits. It had more than $20 billion in assets.
Jim Walton’s Personal & Family Life
The couple, Jim Walton and Lynne McNabb Walton, have four kids together. As of right now, Jim resides in Bentonville, Arkansas, with his family. Jim dislikes being in the spotlight since he is a shy person. Although he has no direct involvement in politics, he is well known for his support of Jason Rapert and other politicians that hold White Supremacist views.