Walmart announced on Thursday that Rob Walton, the longest-serving member of its board and the eldest son of company founder Sam Walton, will step down from his position on June 5, the end of his term.

Rob Walton Steps Down From Walmart Board

According to Reuters, Rob Walton previously served as the chairman of Walmart's board of directors following his father's passing in 1992 and held this role until June 2015. He was succeeded by his son-in-law, Greg Penner, who continues to serve as the chairman of Walmart.

In addition to Walton's retirement, Walmart disclosed several shareholder proposals in a regulatory filing. These proposals included requests for an independent racial equity audit and a human rights impact assessment in its supply chain. 

READ NEXT: Walmart Shoppers Can Get $500! How To Get Your Share in Its $45 Million Settlement Lawsuit 

Greg Penner's Statement on Rob Walton's Retirement

Greg Penner, chairman of the Walmart Board of Directors, said in a press release: "Walmart is the world's leading omni-channel retailer. That's a credit to our team today and to those who, over decades, helped to build and shape our company. One of those incredible leaders is Rob Walton, my father-in-law, who recently shared his decision not to seek re-election to our Board of Directors." 

"His leadership has been critical as we've grown our business over so many years. There's no doubt Sam would be very proud. On behalf of our associates and the Board, I'd like to thank him for his unparalleled and amazing service," he added.

READ MORE: Walmart CEO Doug McMillon Admits Consumer Spending Trend Tougher to Predict in 2024 as Shoppers Spend Cautiously