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.