General Walters was commissioned as a Second Lieutenant on 12 May 1979, after graduating from The Citadel with a degree in Electrical Engineering. Upon completion of the Officers Basic Course in November of 1979, he was assigned to 3rd Battalion, 2nd Marines at Camp Lejeune as a Platoon Commander in Weapons Company. He attended flight training in Pensacola, Florida and was designated a Naval Aviator in March of 1981.
After receiving his wings, General Walters was assigned to Marine Aircraft Group-39 for training in the AH-1T, subsequently transferring to HMA-169 as the Flight Line Officer, Flight Scheduler and Adjutant. He completed two WESTPAC cruises in 1983 and 1984 with HMM-265.
During June of 1986, General Walters was assigned to 1st Reconnaissance Battalion, 1st Marine Division at Camp Pendleton for duty as Air Officer and Operations Officer. In July of 1987 he was assigned to HMT-303 for refresher training in the AH-1J and subsequent transition to the AH-1W. In July 1987 he deployed on MAGTF 1-88 in support of Operation Earnest Will in the Arabian Gulf on the USS Okinawa. After returning to the United States he was assigned as the Assistant Operations Officer and S-4 in HMLA-169.
Departing MAG-39 in September of 1989, General Walters attended Multi-Engine Transition Training at NAS Corpus Christi, Texas. He then attended the United States Naval Test Pilot School in 1990. After graduation from Test Pilot School, General Walters was assigned to the Attack/Assault Department of the Rotary Wing Aircraft Test Directorate at Naval Air Station, Patuxent River. His duties included Flight Test lead for the AH-1W Night Targeting System, Integrated Body and Head Restraint System and AH-1W Maverick Missile feasibility testing. He was elected to the Society of Experimental Test Pilots in October of 1994.
In April of 1994, after his tour in Flight Test, General Walters was assigned duties in the Fleet Introduction Team for the AH-1W Night Targeting System at MAG-39, Camp Pendleton, CA. Upon completion of Fleet Introduction of the NTS system, General Walters assumed the duties as Operations Officer for HMLA-369, deploying to Okinawa in November of 1995. Returning from Okinawa in May of 1996, General Walters assumed the duties as XO of HMLA-369.
General Walters took command of HMT-303 on 4 June 1997, and relinquished command 21 months later on 2 March 1999, where he was subsequently assigned the duties of XO, MAG-39. During April of 1999, General Walters was transferred to the Aviation Branch, Headquarters Marine Corps, for service as the Head, APP-2 in the Aviation Plans and Programs Division. In March of 2001 was transferred to the Office of the Under Secretary of Defense, Acquisition, Technology & Logistics, Defense System, Land Warfare, where he was an Aviation Staff Specialist.
General Walters assumed command of VMX-22 on 28 August 2003, becoming the first Commanding Officer of the Squadron. In August of 2006 General Walters was assigned as head of the Aviation Requirements Branch (APW) in the Department of Aviation at HQMC. From January 2007 to April 2008, he served as head of the Plans, Policy and Budget Branch (APP). In March of 2008 he assumed the duties of Assistant Deputy Commandant for Aviation. After his promotion to Brigadier General in August of 2008, he was assigned to the Joint Staff as Deputy Director J-8, DDRA. General Walters came to 2nd Marine Aircraft Wing in July of 2010, and assumed command of 2nd Marine Aircraft Wing (Forward) in November of 2010. He was promoted to the rank of Major General while deployed in August of 2011, and returned in March of 2012. General Walters assumed command of 2nd Marine Aircraft Wing in May of 2012 and relinquished command in May of 2013. General Walters was promoted to the rank of Lieutenant General on 7 June 2013 and was assigned as the Deputy Commandant of Programs and Resources. On August 2, 2016 General Walters was promoted to his current rank and began serving as the Assistant Commandant of the Marine Corps.