Tom Walton to assume CEO role of Runway Group

Bentonville holding company Runway Group announced on Tuesday (March 12) that co-founder Tom Walton would assume the role of CEO. Chris Seay, the former chief executive since the fall of 2021, is retiring.

The job changes are effective at the end of March.

“I’m excited to serve as CEO and energized by our possibilities,” Walton said in a statement. “With the continuity of a talented and trusted senior leadership team, I know we are just getting started.”

Walton is also chairman of the Walton Family Foundation Home Region Program. In 2023, he was appointed to the Natural State Advisory Council. As part of the Natural State Initiative, the board was created to further establish Arkansas as a leader in the outdoor economy and a destination for outdoor enthusiasts from around the world.

Seay is a Bentonville native who worked as Runway Group’s COO for two years before assuming the CEO role in October 2021. Before joining Runway Group, he held various legal, business and real estate jobs in Bentonville and elsewhere.

“I’d like to thank Chris for his commitment to our organization in getting Runway’s oriented for success,” Walton said. “We are positioned well for the future, and we wouldn’t be here today without his leadership.”

In an internal announcement on Monday, Seay shared the following message:

“The time has come to step away from my role as Runway CEO. Today, I am announcing my retirement effective in late March. The past few years have been a wonderful experience and I have greatly enjoyed the opportunity to help build, shape, and elevate Runway. And it has been a privilege to help guide investments in the people and the places to help make Northwest Arkansas an extraordinary region to live, work and play.

“Most importantly, it has been an honor to work with each of you. I am proud of our work together and who we, as a company, have become. I am deeply grateful that you chose to share a part of your lives with me — thank you.”

Runway Group is a diversified business team founded in 2017 and led by Walton and his older brother Steuart Walton. They are grandsons of Walmart founder Sam Walton and the sons of Jim Walton, chairman and CEO of Arvest Bank Group Inc.

Runway Group invests in real estate, outdoor initiatives, hospitality and businesses. The company also makes investments in aviation and events.

In addition to the CEO change, the company announced another leadership move. Krista Cupp, formerly vice president of corporate and community affairs, has been promoted to lead Runway Group’s community impact team as chief community officer. Cupp helms a newly created platform designed to make community investments in Bentonville and adjacent communities.

She joins Runway Group’s leadership operations team, which includes Blue Crane CEO Jared Faciszewski, recently hired Thaden Field general manager Kelly Deeds, and Ropeswing Hospitality President Emanuel Gardinier.

Blue Crane is the company’s real estate acquisition and development arm. Thaden Field is Bentonville’s municipal airport. Ropeswing Hospitality operates multiple restaurant and hospitality concepts in Bentonville.