Wal-Mart Stores Inc. (WMT), looking to bolster its technology know-how, named Instagram Inc. co-founder Kevin Systrom to its board.
Systrom, 30, will serve on the technology and e-commerce committee as well as the compensation, nominating and governance panel, Bentonville, Arkansas-based Wal-Mart said today in a statement. The entrepreneur remains chief executive officer of Instagram, the mobile photo-sharing application acquired by social-networking website Facebook Inc. in 2012.
Wal-Mart has been shoring up its e-commerce operations, aiming to ward off competition from Amazon.com Inc. and squeeze more growth from the Internet. It redesigned its website last month to be more compatible with tablets and mobile devices and said it was modernizing the technology used to run its search engine and recommendation tools.
“Wal-Mart is investing in e-commerce capabilities through talent, technology and fulfillment,” Chairman Rob Walton said in the statement. “Kevin’s passion and deep knowledge of social media align with our focus to engage customers through our digital and physical channels.”
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Systrom’s appointment, which was effective Sept. 26 and expanded the board to 15 members, marks Wal-Mart’s latest move in adding Silicon Valley experience.
Venture Capital
In June, the company named board member Greg Penner to the role of vice chairman, putting him in position to succeed Chairman Rob Walton. Penner is Walton’s son-in-law and has served as a director since 2008. Penner is a general partner of Madrone Capital Partners, the Walton-backed venture capital firm inMenlo Park, California.
Marissa Mayer, president and CEO of Yahoo Inc., has been on Wal-Mart’s board since 2012. Before joining Yahoo, Mayer was an executive for Google Inc.
Wal-Mart is the world’s largest retailer, though there’s at least one area where it trails rival Target Corp.: Instagram followers.
Wal-Mart has about 44,000, while Target has more than 360,000.
Date: September 29, 2014