Buddy Philpot will step down as executive director of the Walton Family Foundation, the philanthropy started by Sam Walton, the Walmart founder, and his wife, Helen.
Mr. Philpot has served in that post for 15 years. In a letter, board members and family heirs Alice, Jim, and Rob Walton said Mr. Philpot “has committed to stay on at the foundation as long as necessary to help ensure a smooth transition as we conduct a national search for a new executive director.”
Under Mr. Philpot’s watch, the foundation grew from making about $40 million in grants annually to $374 million in 2014. This year, it expects to make about $400 million in grants to improve schools, to mitigate environmental damage, and to raise the quality of life in the Arkansas Ozarks and Mississippi Delta region.
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