BENTONVILLE -- The Walton Family Foundation has announced 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 members has expanded from four to 75, according to a news release.
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."
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.
Metro on 08/27/2015