Former AT&T CEO joins Walmart board

Walmart Inc. has appointed Randall Stephenson, former chairman and chief executive officer of AT&T Inc., to its board of directors, the Bentonville-based retailer said Friday.

Stephenson's appointment was effective Wednesday. He's the board's 12th member.

"Randall's experience as a global business leader and, in particular, his leadership skills and insights in finance, technology, retail and brand management will be a tremendous benefit as we shape the next generation of retail," Walmart board Chairman Greg Penner said in a news release.

"We look forward to working with him as we drive Walmart's strategy forward and continue providing effective governance for all our stakeholders," Penner said.

Stephenson retired in January as AT&T's executive chairman of the board after 38 years with the company. He held a number of executive positions during those years, including chief financial officer and chief operating officer.

Stephenson was also chairman of the Business Roundtable, a position now held by Walmart Chief Executive Officer Doug McMillon, from 2014 to 2016.

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