Retail giant Wal-Mart Stores, Inc. WMT 1.47% will be keeping its chairman of the board position in the Walton family, as the company announced on Friday that Greg Penner, grandson-in-law to founder Sam Walton, will take over the position.

The Walton family has maintained influential positioning in Wal-Mart throughout the years and amassed an incredible fortune from the global brand.

Here’s a timeline of the history of Wal-Mart and the Waltons:

• 1962: Sam Walton opens the first Wal-Mart store in Rogers, Arkansas.
• 1970: Wal-Mart becomes a publicly traded company, selling its first shares for $16.50.
• 1972: Wal-Mart becomes listed on the New York Stock Exchange after recording annual sales of $68 million.
• 1978: Sam Walton’s son Rob Walton joins Wal-Mart’s board of directors.
• 1983: The first Sam’s Club opens in Midwest City, Oklahoma.
• 1988: The first Wal-Mart Supercenter opens…

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