Have you ever wondered how Rob Walton managed to amass his huge fortune?
|Net Worth:||$68.2 billion|
|Age:||75 years old|
|Born:||October 28, 1944|
|Country of Origin:||United States, Tulsa, OK|
|Height:||5 feet 10 inches|
|Source of Wealth:||Chairman of Walmart|
Samuel Robson Walton, popularly known as Rob Walton, was the chairman of Walmart from 1992 to 2015. After his retirement, he handed the company to his son-in-law Greg Penner and served as one of the members of the Board of Directors.
As of 2020, Samuel Robson Walton’s net worth already reached $68.2 billion as of September 2020 and currently holds the 10th spot in the Forbes’ Billionaires List.
Let’s dive deeper and learn how Rob Walton brought Walmart to its current state and the lessons that we can learn from his personal life.
Samuel Robson Walton was born on October 28, 1944, and he was the oldest of the four children of Sam and Helen Walton. He has a younger sister named Alice Walton and two younger brothers named Jim and John Walton. His brother John passed away due to an airplane crash on June 27, 2005.
Rob Walton joined The College of Wooster and in 1966, he graduated from the University of Arkansas with a bachelor of science degree in business administration. During his university days, he became a member of the Lambda Chi Alpha fraternity. In 1969, he received his Jurisprudence Doctorate from Columbia Law School.
Rob married Patricia Rawlings Walton and they had three children: Sam Walton, Carrie Walton Penner, and Ben Walton. In the late 1970s, the couple decided to file for divorce and married his second wife Carolyn Funk. They were married for over 25 years until the year 2000 when they decided to call it quits.
In 2005, 5 years after his divorce with Carolyn, Rob married Melani Lowman Walton, who was both a trainer and a basketball coach.
Rob’s career started after getting his Juris Doctor degree in Columbia Law School and joined Conner & Winters law firm in 1969. Back then, the Tulsa law firm represented Wal-mart and Rob helped in the preparation of the IPO for Walmart in October 1970.
He worked at the law firm until 1978 before he accepted the Senior Vice President position at Walmart. In 1982, 4 years after being a senior vice president, he became the vice-chairman of Walmart.
He started working on the visibility and sustainability of the vendors that are providing the products sold at the Walmart Stores, which provided more transparency for the consumers as they know where the products come from. He also urged Walmart to get their products locally, especially the vegetables and food grains to provide fresh produce to the consumers while offering better livelihoods for the farmers in the United States.
Rob Walton became the Chairman of Walmart in April 1992, two days after the death of his father. He stayed on the position until his retirement in 2015.
Here are some of the most notable highlights of Samuel Robson Walton’s Career:
- Chairman of Walmart
- 10th Richest Person in the World
- One of the trustees of The College of Wooster
- Board Member of the Walton Family Foundation
“My main point is to entertain in a way that is unique and different from what anybody else is doing; to apply my voice in a way that nobody else in the industry is applying theirs.” – Rob Walton
“I mean, price is price… It’s just where you want to spend your money.” – Rob Walton
“I mean, the most important thing to me is imagination.” – Rob Walton
“If you like a story that’s totally different and won’t know which way it’s going…. where it’s going to end up and which way it’s going to take you, then I think my work fits the bill.” – Rob Walton
“I learned from my dad that change and experimentation are constants and important. You have to keep trying new things.” – Rob Walton
Rob Walton’s Lessons about Running a Business
Aside from Rob Walton’s colorful marriage, his skills and leadership are both top-notch as he managed to bring Walmart to the top and became one of the richest people in the world. We can learn a few things about how he managed Walmart and how it became successful.
Pay Attention to your Consumers
Rob always focused on what the consumer wants and what they need. In the business world, the consumers can make or break your business and if you only focused on making money without thinking about them, your company will go downhill faster than you expected.
It all started when he decided to be more transparent to the consumers on where the products are coming from.
Give Your Employees What They Deserve
Walmart always considers employees as their main asset and they showed this on March 20, 2009, when they announced that they were paying over $933 million in bonuses for full-time and part-time workers.
Back then, the economy was still undergoing a recession, but Walmart was doing good financially with $401.2 billion in net sales so they decided to show their appreciation to their employees through bonuses and benefits.
Did you know that Rob Walton was the one who encouraged his father to expand their corporation to other countries? Rob is extremely ambitious that he was already looking at the bigger picture even before the corporation became popular.
Ambitions can help you achieve your goals as long as you act on it and do what it takes to get it done. If not for Rob, Walmart won’t expand quickly and it would take a couple of years before they gain ground in the United States. His ambitions fueled the growth of the corporation, especially when he became the Chairman.
As one of the wealthiest individuals in the world, Samuel Robson Walton showcased how to run a huge corporation the right way. He prioritized his employees, consumers, and vendors more than anything else, which is why the company stayed strong over the years.