Walmart Administrative Officer Resigns
Wal-Mart Stores Inc.'s (NYSE: WMT) chief administrative officer has left the retailer suddenly. Tom Mars was general counsel during a period (2002 to 2009) when the retailer allegedly bribed Mexican authorities to give preferential treatment on the locations and building of stores.
According to The Wall Street Journal:
In a 2005 email memo to Chief Executive Michael Duke, Mr. Mars wrote, "The attached memorandum summarizes an interview conducted with a former WalMex in-house lawyer. The lawyer asserts in some detail the alleged corruption by various WalMex associates, including senior people. You'll want to read this. I'm available to discuss next steps. PS: Welcome to Wal-Mart International."
Now the pressure to resign moves to Duke.
Walmart shares are thus far inactive in premarket trading, but closed at $71.66 yesterday. The 52-week range is $57.18 to $77.60.
Filed under: 24/7 Wall St. Wire, Corporate Governance, Management Change, Retail Tagged: WMT