Tom Walton, co-founder of Bentonville-based holding company Runway Group, will take over as chief executive officer when current CEO Chris Seay retires at the end of the month.
Walton, a grandson of Walmart Inc. founder Sam Walton, and his brother Steuart founded Runway Group in 2017. The company invests in real estate, businesses, outdoor initiatives and hospitality.
Seay told company employees of his retirement plans on Monday. He has served as Runway Group's chief executive since 2021, and was previously its chief operating officer.
After starting his career as an attorney, Seay joined Walmart's international accounting and finance team.
He then co-founded and was principal of the SEAYCO Group, which specialized in developing commercial shopping centers throughout the United States.
Runway Group also promoted five-year company veteran Krista Cupp to chief community officer. She'll lead a team making investments in Bentonville and surrounding communities.
Cupp worked for four years at Tyson Foods Inc. and for five years at the National Rifle Association, according to her LinkedIn page.