FAYETTEVILLE, Ark. -- The Sam M. Walton College of Business Administration of the University of Arkansas today (Tuesday, Nov. 10) announced the inaugural class of distinguished business leaders elected to the new Arkansas Business Hall of Fame:

-- William Dillard Sr.
chairman of Dillard's Inc.
Little Rock

-- Charles Murphy Sr.
retired chairman of Murphy Oil Corp.
El Dorado

-- Jackson Stephens
chairman of Stephens Inc.
Little Rock

-- the late Sam M. Walton
founder of Wal-Mart

The inaugural class will be inducted at the first annual Arkansas Business Hall of Fame dinner on Friday evening, Feb. 5, at the Excelsior Hotel ballroom in Little Rock.

"The Hall of Fame is designed to honor, preserve and perpetuate the names and accomplishments of outstanding Arkansan business leaders who have brought lasting fame to the state of Arkansas," said Doyle Z. Williams, dean of the Walton College. "Our other purpose is to contribute to the state's economic development by showcasing the healthy business climate and opportunities for achievement that Arkansas offers."

The Arkansas Business Hall of Fame will be housed in the new Donald W. Reynolds Center for Enterprise Development of the Walton College, University of Arkansas, Fayetteville.

The selection process was chaired by Reynie Rutledge, chairman of First Security Bancorp of Searcy. It consisted of a nominating committee charged with encouraging people throughout the state and beyond to make nominations and a selection committee that reviewed the nominations and chose the inaugural class. Selection criteria included significant impact as a business leader, concern for improving the community and displayed ethics in all business dealings.

"The Arkansas Business Hall of Fame is an exciting new asset for the entire state," Rutledge said. "Arkansas businesses are a leading provider of many resources for our nation and the world, including rice, soybeans and timber, retail giants such Wal-Mart and Dillard's as well as the poultry, oil and gas industries.

"Our vision is to make the Hall of Fame a statewide and national attraction and to make the annual induction banquet one of the premier social events in Arkansas," Rutledge added. "To honor these outstanding business leaders is to honor our dynamic business community and the great state of Arkansas."

William Dillard Sr. is responsible for the development of one of the nation's retail giants with 300-plus department stores, more than 43,000 employees and annual sales exceeding $6.6 billion. Dillard attributes his success to a commitment to customer satisfaction and reasonable pricing. "I have to believe we have a group of people who know what they are doing," he said. "Remember that it isn't that difficult to reach the top, but exceedingly difficult to stay on top."

Charles Murphy Sr. became head of the Murphy family enterprise, of necessity, when he was 21 years old. He has worked five decades to build Murphy Oil Corp., a natural resources company baed in El Dorado that operates through wholly owned subsidiaries in the United States and internationally as an integrated oil enterprise and producer of natural gas. In October 1994, Murphy retired as chairman of the board of directors, but still serves as a board member.

Jackson Stephens is chairman of Stephens Inc., a diversified financial group founded in 1933 in Little Rock. The company has been a major underwriter of municipal bonds and corporate equity offerings. It ranks among the 20 largest investment banking firms in the United States in terms of total available capital. After graduating from the U.S. Naval Academy in 1946, he returned to Little Rock and joined his brother, serving as president of Stephens Inc. from 1957-86. In 1989 he was the first recipient of the J. William Fulbright Award given for international trade development.

The late Sam M. Walton, founder of Wal-Mart Stores, opened the first Wal-Mart in Rogers, borrowing heavily on his belief that the American consumer was shifting to a different type of general store. Today, Walton's gamble is the world's largest retail company with more than 720,000 U.S. associates and nearly 3,000 stores and wholesale clubs across eight countries. Earnings grew 15 percent during the fiscal year ending Jan. 31, 1997, and the value of Wal-Mart stock increased more than 73 percent during calendar year 1997.

"The secret of successful retailing is to give your customers what they want," Walton wrote in his autobiography. "And really, if you think about it from your point of view as a customer, you want everything."

Tickets to the first annual Arkansas Business Hall of Fame Dinner (black-tie optional) on Friday, Feb. 5, are $125 per person.

The Sam M. Walton College of Business Administration is also seeking Hall of Fame sponsors. For more information or to purchase tickets, contact the Office of External Affairs, Walton College of Business Administration, University of Arkansas, at (479) 575-6146, e-mail blakew@comp.uark.edu or write the Office of External Affairs, 343 BADM, Fayetteville, Ark. 72701.

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