Sam Walton: 1918-1992 - reprint of article about Wal-Mart founder from 4/20/92

Discount Store News, Oct, 1999

BENTONVILLE, ARK., APRIL 20, 1992

Samuel Moore Walton's death last week ends an era for Wal-Mart during which the 74-year-old entrepreneurial merchant, one of the nation's premier executives, directly led the business he founded over three decades ago.

Wal-Mart's unique corporate culture, the business principles and methods Walton honed since he opened his first store, a Ben Franklin franchise variety store in 1945, will continue to guide the $44 billion retailer.

S. Robson Walton, Walton's oldest son and a Wal-Mart vice chairman who was named chairman to succeed his father, said that "no changes are expected in the corporate direction, control or policy." A similar assurance came from David Glass, president and chief executive officer.

Walton added that "no family sales of Wal-Mart shares will be necessitated by reason of Walton's death." The family owns about 38% of the company's stock.

Sam Walton died April 5 at approximately 8 a.m. in the University of Arkansas Medical Science Hospital in Little Rock, Ark., of multiple myeloma, a bone marrow cancer.

Walton battled two different types of cancers. He was first diagnosed in the early '80s with hairy-cell leukemia, which attacks white blood cells and weakens the immune system. Two years ago, multiple myeloma was discovered, but he remained an active participant in Wal-Mart's business until his "health significantly deteriorated over the past three to four months ...

Sam Walton passed away less than a month after President George Bush presented him with the Presidential Medal of Freedom, the nation's highest civilian award. Bush called Walton "an American original who embodied the entrepreneurial spirit and epitomized the American dream."