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Meet Jim Walton-The CEO of Walmart-Biggest Retail Chain of the World – Business Connect

Meet Jim Walton-The CEO of Walmart-Biggest Retail Chain of the World

17th richest person in the world with a net worth of USD 62.5 billion, Jim Walton is an American businessman and the youngest son of Walmart founder Sam Walton. Currently, he is the Chairman and CEO of his family-owned Arvest Bank Group, Inc. 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 and Travelling

Early Life:

James “Jim Carr” Walton was born in Newport, Arkansas, on June 7, 1948.  Jim Walton, who has 3 siblings, is the third child of Sam Walton, a co-founder of Walmart, and Helen Walton. Since the beginning, Jim had a gifted personality, which he displayed while attending Bentonville High School and holding the office of class president for his junior year.

He joined the football team after graduating from high school and excelled there, earning all-state honours while also learning how to fly. His father’s company, Walmart, hired him as an entry-level employee when he completed this and graduated with a BA in marketing. He then joined the University of Arkansas in 1971. After four years of experience, he transferred to the family firm, Walmart Enterprises, in 1975, having gained a wealth of knowledge about the industry.

John Walton, Jim’s brother, was Walmart’s director, and his death in 2005 left the family in a state of turmoil. Jim, however, was picked to fill the role because of his skills and background working for the company.

Career of Jim Walton

On September 28, 2005, Walton took John’s seat on the Wal-Mart Board of Directors after John passed away. He presently serves on the finance and strategic planning committees. Before taking over as chairman of his family’s Arvest Bank, he served as CEO of the institution. He also served as chairman of Community Publishers Inc. (CPI), a newspaper company founded by his father Sam Walton after he bought the Benton County Daily Record, which is published in Arkansas, Missouri, and Oklahoma. Together with his siblings, he donated about $2 billion to the Walton Family Foundation between 2008 and 2013.

The Baton Rouge Advocate, a local newspaper in Louisiana’s capital city of Baton Rouge, reported in 2015 that the PAC Empower Louisiana has given $818,00 to candidates for the Louisiana Board of Elementary and Secondary Education who support the Common Core State Standard Initiatives. According to reports, Walton owned about $11 billion worth of Walmart shares as of September 2016. Jim Walton has a net worth of about USD 62.5 billion in the year 2022.

Walmart:

Sam Walton, father of Jim Walton, entered a management training programme at the J.C. Penney Company in Des Moines, Iowa, after earning his economics degree from the University of Missouri (1940). In Newport, Arkansas, he established his own Ben Franklin variety (five-and-dime) store in 1945. Five years later, he moved the business to Bentonville, Arkansas.

By the early 1960s, he and his brother James were running a regional chain of Ben Franklin stores. When the company’s officials rejected his idea for a new discount store chain based in small towns, Walton made the decision to launch the chain on his own. In 1962, he established the first Walmart location, known as Wal-Mart Discount City, in Rogers, Arkansas. This store provided a wide range of goods at low rates in an unpretentious atmosphere. (In 2018, the company’s name was changed to Walmart)

With more than 11,000 stores both domestically and abroad, Walmart has been a publicly traded company since 1970. Nearly 1.6 million Americans were employed by Walmart as of 2022. With a projected net worth of $238 billion in 2021, the Waltons are regarded as the richest family in the world. Half of the shares of Walmart are collectively owned by Jim Walton and other Sam Walton heirs.

Arvest Bank Group

Arvest Bank Group, a Walton-owned regional bank that runs more than 260 institutions in more than 100 cities throughout Arkansas, Missouri, and Oklahoma, is now led by Jim Walton as chair and CEO. By acquiring the Bank of Bentonville in 1961, the Bank of Pea Ridge in 1963, and the First National Bank & Trust Company in 1975, the Walton family founded Arvest. By acquiring 29 local Bank of America stores, Arvest expanded in 2013. Arvest Bank Group was the largest bank in Arkansas by deposits as of 2022 and one of the largest in Oklahoma by the number of branches. Its assets exceeded $20 billion.

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.

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