Former Wal-Mart CEO joins private equity firm

AP News
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Posted: Nov 10, 2009 4:06 PM

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.