Jim Walton is an American entrepreneur, billionaire, the youngest son and heir of Sam Walton, the central owner of the Wal-Mart trading business, and chairman and CEO of Arvest Bank Group, Inc. In 2018, he was ranked 14th in the global Forbes rankings with a fortune of $ 42.1 billion.
The success story of the billionaire, who in 2018 was recognized as the richest man in the US state of Arkansas, Jim Walton, is the path to the heights of success, not from scratch, but at the helm of a huge business, which was crucial not only not to lose, but also to increase. The entrepreneur was helped to cope with this task by an immense capacity for work and dedication, and a restrained and stubborn character.
Fate decreed that it was the youngest son of Sam Walton, who founded the largest retail chain in the United States, who had to take the place of its central owner and manager. Jim Walton was at the helm of Walmart until 2016 when he handed over the reins to his son Stewart.
Even though 2018 Jim Walton turned 70 years old, he continues to be active in large business:
- Behind-the-scenes control of the financial flows and investment activities of the Walmart company;
- He is the Chairman of the Board of Directors and Chief Executive Officer of Arvest Bank, whose total assets in 2018 reached $ 16 billion.
In 2018, he was on the 11th line of the TOP-400 list of influential businessmen worldwide and the 14th line of the Forbes global rating. In just a year, his fortune increased by almost $ 1 billion.
In a short biography of businessman Jim Walton, he has spent decades managing large companies, financing global investment projects, and active charitable activities.
Jim Walton’s childhood – the time of awakening of talents
In 1948, son Jim was born into the family of American entrepreneur Sam Walton, who then owned several retail stores of convenience goods in the town of Newport.
In 1950, the family moved to the small town of Bentonville with a population of 3 thousand people, wherein in 1952 the first shop of the future Walton’s Five and Dime chain appeared. Jim became the third child in the family of a businessman and the youngest boy – a few years later, his sister Alice was born.
In 1955, Jim went to Bentonville High School, where his many talents manifested themselves:
- He showed an aptitude for mathematics, languages , and drawing;
- He was the headman of the elementary school;
- Played in the football team of the educational institution.
As a teenager, Jim became seriously interested in aviation. Later, he even learns to fly an airplane. Affected by the influence of his older brother John, who lived with dreams of the sky and went to study at the University of Aviators. In 2005, he died in a plane crash due to a malfunction of the aircraft he piloted. Jim chose a more “earthly” profession.
Upon graduation, Jim Walton enters the University of Arkansas, from which he graduates in 1971 with a Bachelor of Business Administration degree. A path awaited him in business: it was necessary to help his aging father in running a large trading corporation.
During his university years, the future billionaire was a member of the Lambda Chi Alpha (ΛΧΑ) fraternity, which is considered one of the most influential in the United States and Canada. It allowed him to make many acquaintances.
At the helm of global business
When the newly minted bachelor arrived in 1972 to hone his knowledge in practice, Walmart was actively gaining momentum in the United States: the chain of stores expanded, and the range of products expanded. The father gradually brought his son up to date:
- 1972-1976 – supervising real estate transactions;
- 1976-1992 – management of the family business Walton Enterprises, which, was the holding company of several industrial companies of the Wal-Mart chain.
Sam Walton passed away in 1992. The legacy of the founder of the business empire was divided between his wife and children.
Initially, Rob became chairman of the board of directors of Wal-Mart, and John became its director. However, in 2005, after the death of the elder Walton, the power was transferred to Jim.
Having taken over the management of one of the largest US corporations, Jim Walton began work on its globalization. Soon, its branches appeared in other countries of the world, where they functioned under different brands.
In April 1992, information was leaked to the press that one of Wal-Mart’s products was being produced in a prison factory in China. Although the information was not confirmed, protests began against the corporation, which forced Jim to begin work on restoring his reputation.
The billionaire continued his father’s work: he was a supporter of a diversification strategy that led to the formation of a wide network of subsidiaries:
- Sam’s Club – a chain of retail and wholesale stores;
- Massmart, Más Club – media companies;
- Walmart Neighborhood Market – real estate agency;
- Asda Mobile is a telecommunications company.
Jim Walton has always been distinguished by a non-standard style of company management: calm, restrained, and judicious. He highly values human capital, and takes care of the needs of the employees of the enterprise, noting: “If you care about the employees of the stores, they will take care of the customers.”
In 2008, the entrepreneur acquires the central newspaper of the state of Arkansas – Benton County. It becomes a subsidiary of the newspaper firm Community Publishers Inc., founded by Sam Walton back in 1974.
In 2013, Jim Walton transferred the newspapers to his sister Alice Louise Walton, and in 2016 he retired from the Walmart corporation, transferring a seat on the board of directors to his son Stewart. Now only the management of the banking group Arvest Bank Group, Inc. remains in his hands.
