BENTONVILLE -- The Walton Family Foundation announced Tuesday that Buddy Philpot will step down as executive director of the charitable organization.
Philpot joined the foundation in 2001 after a 20-year career in banking, the final stint as chief executive officer at Arvest Bank in Springdale. During his 15 years at the foundation's helm, its "annual grantmaking has grown tenfold, from $40 million to nearly $400 million" and the number of staff has expanded from four to 75, according to a news release issued Tuesday. When contacted, Daphne Moore, foundation communications director, declined further comment.
The move comes as the foundation "recently completed the development of long-term strategies to guide our programs." The foundation has assets of about $2.5 billion, according to the Chronicle of Philanthropy.
According to the group's website, the foundation developed its Home Region program five years ago to "invest in programs and initiatives that enhance the quality of life for people living in Northwest Arkansas and the Arkansas and Mississippi Delta region."
The 2020 Home Region Plan calls for investing more than $302 million in the region. The four initiatives on which the plan focuses in Northwest Arkansas are to "expand high achieving pre-K-12 school options, establish the region as a leader in arts and cultural amenities, strengthen coordinated regional economic development and preserve a sense of place."
Northwest Arkansas schools receiving grants include Arkansas Arts Academy, Haas Hall Academy and Rogers and Bentonville public school districts. The foundation also announced in July plans to open a private school in Bentonville, and on Aug. 11, $15 million to expand the Culinary Arts and Hospitality program at Northwest Arkansas Community College in Bentonville.
Philpot serves on the Crystal Bridges Museum of American Art board. Rod Bigelow, museum executive director, said Philpot "has been involved (with the museum) since conception. He's driven a cultural vision of the museum. His work to contribute to quality of life has created a wonderful culture." Bigelow described Philpot as a smart, ambitious, caring man, who "cares about this place -- the home region -- deeply."
Others receiving grants from the Walton Family Foundation include the Northwest Arkansas Regional Planning Commission, Northwest Arkansas Council and Illinois River Watershed Partnership.
Mike Malone, president and chief executive officer of the Northwest Arkansas Council, said Philpot's leadership of the foundation "has had a huge impact on Northwest Arkansas. He led the growth of the foundation and greatly enhanced their giving in Northwest Arkansas, their home region."
Philpot will stay on at the foundation "as long as necessary to ensure a smooth transition" as the group searches for an executive director, the release said.
NW News on 08/19/2015