Introduction to Jim Walton

Introduction to Jim Walton

Let me introduce you to Jim Walton, the youngest son of Walmart founder Sam Walton. I've served on Walmart's board from 2005 to 2016, and right now, I'm the chair of Arvest Bank Group. As an heir to the Walmart fortune, my net worth stands at $61.3 billion as of 2023.

Key Takeaways

You should know that I'm the youngest son of Sam Walton, the Walmart founder. I held a seat on Walmart's board of directors from 2005 to 2016, stepping in after my brother John's death. Currently, I chair Arvest Bank Group. Also, my son became the first third-generation Walton to join Walmart's board in 2016.

Early Life and Education

I was born on June 7, 1948, in Newport, Arkansas, as the third and youngest son of Sam Walton. I earned my bachelor’s degree in marketing from the University of Arkansas in 1971. Before diving into the family business in 1972, I traveled a lot and even got my pilot's license.

Walmart Involvement

Walmart started in 1962 as a small discount retailer in Rogers, Arkansas, founded by my father Sam. It's been publicly traded since 1970 and now operates over 11,000 stores worldwide, employing nearly 1.6 million people in the U.S. as of 2022. The Walton family is the wealthiest in the world, with an estimated $238 billion net worth in 2021, and we own half of Walmart's stock collectively.

I joined Walmart in 1972 in the real estate division. By 1975, I moved to Walton Enterprises, our family's umbrella corporation, where I briefly served as president. My interest in banking pulled me toward Arvest Bank Group, but I returned to Walmart in 2005 to fill the board seat left by my brother John's death, holding it until 2016.

Arvest Bank Group

Today, I'm the chair and CEO of Arvest Bank Group, a regional bank owned by the Walton family. It operates more than 260 banks in over 100 communities across Arkansas, Missouri, and Oklahoma. The family built Arvest starting with purchases like the Bank of Bentonville in 1961, the Bank of Pea Ridge in 1963, and the First National Bank & Trust in 1975. We expanded in 2013 by acquiring 29 Bank of America locations. As of 2022, Arvest has assets over $20 billion and ranks as the largest bank in Arkansas by deposits and one of the biggest in Oklahoma by branches.

Philanthropy

I've made significant donations to the Walton Family Foundation, which is led by our family. Three generations of us—descendants of Sam and Helen Walton—work on improving K-12 education, protecting rivers and oceans along with their communities, and investing in Northwest Arkansas and the Arkansas-Mississippi Delta. In 2020, the foundation granted $749.5 million to support these efforts.

Generational Leadership at Walmart

Beyond the second generation, my son Steuart Walton was elected to Walmart's board in 2016, marking the first time a third-generation Walton joined the company's leadership.

Interest in Charter Schools

Through the Walton Family Foundation, my sister Alice and I have led the Charter Impact Fund, which offers long-term, fixed-rate loans to high-performing charter schools across the country.

Community Publishers Inc.

I was the chair of Community Publishers Inc., founded in 1982 as a community newspaper and commercial printer serving Arkansas, Missouri, and Oklahoma. My father acquired the Benton County Daily Record, and I expanded it through CPI until we sold it to Berkshire Hathaway in 2015.

The Bottom Line

As Sam Walton's youngest son, I've contributed to the family business for decades. I chair Arvest Bank Group and stay active in the Walton Family Foundation. That's the core of my role in this legacy.