Wal-Mart shrinks board membership to 12 from 15

[...] the board is adding the founder's grandson in keeping with its history of having three Walton family members as directors.

"With these retirements, we view this as a time to make our board more nimble, while maintaining its independence and further aligning on Wal-Mart's strategic priorities," said Greg Penner, chairman of the board, in a statement.

The move, announced Wednesday, comes as Wal-Mart Stores Inc. disclosed in a Securities and Exchange Commission filing that the total compensation package of its CEO Doug McMillon rose 2 percent to $19.4 million for the year that ended in January.

The slowdown comes as the company trimmed its global store count and deals with currency fluctuations affecting its overseas sales.