Allen Questrom is saying goodbye to Wal-Mart Stores Inc.
After three years on the retailer’s board of directors, Questrom has decided to not seek reelection. Wal-Mart’s 15 board members are required to seek reelection annually.
“What I got out of the experience and, what they got out of me, was probably the best of it in three years,” Questrom told WWD. “It’s a wonderful organization with a big board.”
He joined the board in June 2007 and was also a member of its compensation, nominating and governance committee.
But other sources suggested Questrom saw little chance remaining to influence the company, though his expertise in apparel retailing and overhauling store presentations could come in handy considering Wal-Mart has a strong reputation for offering the lowest prices, but has limited fashion appeal. Two years ago, the giant discounter beefed up its New York apparel office in an attempt to stay on top of trends and elevate its apparel.
“Wal-Mart board members don’t have that much day-to-day involvement,” a source said. “It’s somewhat bureaucratic. There’s more opportunity at smaller companies with smaller boards.”
Wal-Mart declined to comment on Questrom’s departure, other than saying that board members up for reelection, or those seeking a spot on the board for the first time, will be listed in the proxy. It gets distributed in the second half of April, in advance of the annual meeting, which will be June 4.
Questrom was chairman and chief executive officer of J.C. Penney Co. Inc., Macy’s and Barneys New York, and is credited with turning around those companies. He is listed as a board member of Burt’s Bees Inc. and Sotheby’s Holdings Inc., and is a partner with Lee Equity Partners LLC.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)