BENTONVILLE, Ark. -- Wal-Mart Stores here said it will join with Accel Partners, a Palo Alto, Calif., venture capital firm, to form Wal-Mart.com, an independent company that will be based in Palo Alto.
nd relaunched earlier this month. While it offers approximately 600,000 items, it does not sell food and drug products, although it does expect to add an on-line pharmacy by the end of this year.
Wal-Mart.com will have a separate board of directors and management team, and has begun recruiting a chief executive officer and senior management team. Wal-Mart will maintain a majority interest in the new company.
The Wal-Mart.com board will include Rob Walton, Wal-Mart president; Lee Scott, Wal-Mart vice-chairman and chief operating officer, and James Breyer, Accel managing partner.
