Walmart Administrative Officer Resigns

walmart-store-front-blueWal-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
Read Full Story

Markets

DJIA 25,444.34 64.89 0.26%
NASDAQ 7,449.03 -36.11 -0.48%
NIKKEI 225 22,532.08 -126.08 -0.56%
HANG SENG 25,561.40 106.85 0.42%
DAX 11,553.83 -35.38 -0.31%
USD (per EUR) 1.15 0.01 0.67%
USD (per CHF) 1.00 0.00 0.02%
JPY (per USD) 112.55 0.37 0.33%
GBP (per USD) 1.31 0.01 0.40%