Wal-Mart Stores, Inc. (NYSE:WMT) announced the appointment of Kevin Sysntrom, co-founder and CEO of Instagram to its board of directors today.
Wal-Mart chairman said Systrom’s expertise will be invaluable
Systrom became the 15th member of its board of directors effective September 26. Systrom will also serve as a member of the technology and e-commerce committee and compensation, nominating and governance committee (CNGC) of Wal-Mart Stores, Inc. (NYSE:WMT).
Systrom is an entrepreneur and software engineer. According to Rob Walton, chairman of Wal-Mart Stores, Inc. (NYSE:WMT) said Systrom’s “entrepreneurial background, technical and digital expertise will be invaluable as the retail giant further connect with customers and integrate new capabilities through e-commerce and mobile channels.
“Walmart is investing in e-commerce capabilities through talent, technology and fulfillment. Kevin’s passion and deep knowledge of social media align with our focus to engage customers through our digital and physical channels,” said Walton.
On the other hand, Systrom recognized Wal-Mart Stores, Inc. (NYSE:WMT) as a global leader with a profound impact in the retail industry. He said, “It’s an honor to join the Walmart board and to have the opportunity to help provide more convenient and flexible ways for people to shop.”
Instagram is a photo and video sharing social networking service, which was acquired by Facebook Inc. (NASDAQ:FB) in 2012. As CEO of Instagram, Systrom is responsible in managing its daily operations. Currently, Instagram has more 200 million monthly active users.
Systrom holds a B.S. in management science and engineering from Stanford University. He was consistently included in the Fortune 40-under-40 and TIME’s 100 most influential people since 2011.
Wal-Mart partnered with Green Dot for Checking Accounts
Last week, Wal-Mart Stores, Inc. (NYSE:WMT) partnered with Green Dot Corporation (NYSE:GDOT) to offer low-cost checking account under the name GoBank.
Green Dot CEO Steve Streit explained that GoBank is intended to break down the barriers to traditional banking and brings the benefits of FDIC-insured checking account to a larger segment of under-banked Americans. GoBank is linked with a MasterCard debit card.