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Wal-Mart Board of Directors Nominates Aida Alvarez |
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| Published on June 5, 2006 |
Wal-Mart Stores, Inc., announced that its Board of Directors has nominated Aida M. Alvarez, former administrator of the U.S. Small Business Administration for election to the Wal-Mart board at the company's annual shareholders' meeting June 2. The company also announced that current board member José H. Villarreal will not stand for re-election at the June 2 meeting.
"We are pleased that has been nominated to join our company's board," said Rob Walton, chairman of the board of Wal-Mart Stores, Inc. "I believe her insight and years of experience will be extremely valuable to our company. Aida has had a distinguished career in government”
Aida M. Alvarez, 56, was Administrator of the U. S. Small Business Administration and a member of President Clinton's Cabinet from 1997 to 2001. She was the founding director of the Office of Federal Housing Enterprise Oversight, the financial regulator of Fannie Mae and Freddie Mac, from 1993 to 1997, and prior to that was a vice president in public finance at First Boston and Bear, Stearns & Co., Inc. She presently serves on the board of UnionBanCal Corporation and is a former director for Pacificare Health Systems, Inc. Ms. Alvarez also serves on the diversity advisory board for Deloitte & Touche, L.L.P.
"I am grateful for the opportunity to serve on the board of one of the world's finest corporations," said Ms. Alvarez. "I am especially proud of the company's dedication to improving the lives of its customers and associates and to serving the communities they share."
Of the departing board members, Villarreal joined Wal-Mart's board in 1998 and is a partner in the law firm of Akin, Gump, Strauss, Hauer & Feld, L.L.P. As lead director, he presides over meetings of the board's independent and non-management directors, and is the chair of the board's Compensation, Nomination and Governance Committee.
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