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Walmart Gets New CEO

Walmart’s CEO and President Mike Duke has been replaced, according to USA Today. Due to the Walmart scandal where it is noted that the retail store paid bribes to Mexico for faster building development and permits, Duke was forced to step down and Doug McMillon has taken his place. Duke will remain as chairman and advisor to McMillon for one year. McMillon was CEO of Walmart International, and his new position will become official on February first of next year.

Investigations into the bribes ceased in 2006 despite a measurable size of evidence disclosed, and recently e-mails have surfaced proving that Duke knew about the bribes in 2005. The company was ordered by a United States judge to release more incriminating documents. The investigation is currently operating under The U.S. Department of Justice and the Securities and Exchange Commission. The allegations came to light while McMillon was Chief of Walmart International, but he remains unscathed due to the fact that during that time he was running Walmart’s Sam’s Club based in the United States. There are no connections between McMillon and the foreign bribes. The examination isn’t limited to Mexico; it also involves Brazil, India and China.  However, under The U.S. Foreign Corrupt Practices Act, paying foreign government officials for business assistance is illegal.

McMillon has stated that the company is functioning with a chief compliance officer and anti-corruption leader in its businesses located around the world. He commented, “One of the things we’re doing right now as we speak is making sure that we’ve got all the right resources to make this a world class compliance effort within Wal-Mart. We’ve hired new people and we’ve realigned people into this global structure. And we now have through those efforts over one thousand people that work full time on compliance.”

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The CEO position was either going to go to McMillon or Bill Simon, responsible for running Walmart United States. Chairman of Walmart’s board (and a member of the company’s founding family) Rob Walton stated, “The company has the right strategy to serve the changing customers around the world, and Doug has been actively involved in this process.”

Image Credit: Wal-Mart

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Jaan Posted by on November 25, 2013. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

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