The Little Rock, Arkansas, investment firm Stephens Group has hired as general counsel Whit Kilgroe, who formerly was associate general counsel of Walton Enterprises, the private investment firm for the family that founded Walmart.

Kilgroe succeeds Ron Clark, who will continue to serve as chief operating officer of Stephens, an M&A firm for the Stephens family, which built its fortune in a range of industries. Stephens Group has invested $1.5 billion into deals since 2006.