Buddy Philpot Resigning From Walton Family Foundation

Buddy Philpot, executive director of the Walton Family Foundation the last 15 years, is resigning from the philanthropic organization started by Wal-Mart Stores Inc. founder Sam Walton and his wife, Helen.

In a letter, family heirs Rob, Jim and Alice Walton, as well as WFF board members, said Philpot, “will stay involved with our family on an expanding number of projects at Walton Enterprises. He also has committed to stay on at the foundation as long as necessary to help ensure a smooth transition as we conduct a national search for a new executive director.”

Before joining the WFF, Philpot was an executive with Arvest Bank, led by Jim Walton.

The WFF made about $40 million in grants in Philpot’s first year as executive director. The organization expects grants to reach $400 million this year.

According to The Chronicle of Philanthropy, the WFF has assets of $2.5 billion.