Former Wal-Mart CEO joins private equity firm
Former Wal-Mart CEO Lee Scott joins Ma. private equity firm, to help its portfolio cos grow
- On 4:06 pm EST, Tuesday November 10, 2009
NEW YORK (AP) -- Lee Scott, former Wal-Mart Stores Inc. CEO and president, has joined the private equity firm Solamere Capital as an operating partner and a member of its investment committee.
Scott will help evaluate investment opportunities and take a key role in aiding growth at Solamere's portfolio companies, according to a release Solamere issued Tuesday. The equity firm is based in Lexington, Mass.
Scott, who retired from the helm of Wal-Mart in February 2009, remains chairman of the low-price retailer's board's executive committee.
Scott joined Wal-Mart in 1979 as an assistant director in the logistics division and rose through the ranks, becoming president and CEO in January 2000. Wal-Mart is based in Bentonville, Ark.
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