Whatever the outcome of any eventual enforcement action against Walmart for alleged bribery in Mexico and maybe other countries, it’s clear the world’s biggest retailer is already a changed place.
It has spent about a half billion dollars on an internal FCPA investigation and a revamp of its global compliance program.
And some big names have left or are heading for the exit.
The New York Times reported in 2012 that Walmart’s Mexico unit paid $24 million in bribes to speed up licensing and permitting for new stores. The Times’ said some top managers in the United States covered up the bribery after learning about it.
The DOJ and SEC are investigating the allegations. No one from Walmart has been charged and all are presumed innocent.
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Here’s a rundown of some recent executive moves, according to a report in The City Wire:
• Eduardo Castro Wright grew the Mexico market to prominence for Walmart. Castro Wright retired in July 2012.
• Tom Mars, former chief administrative officer, exited Wal-Mart in March 2013 after 11 years.
• Former CEO Mike Duke headed up Walmart International during the time under investigation. He retired January 31.
• Lee Scott was CEO of Wal-Mart Stores Inc. during the time under investigation. He left the board of directors in June.
• Board chairman Rob Walton recently named a vice chairman who will take over board leadership at some point in the future. Greg Penner, his son-in-law, was chosen by the 69-year-old Walton as the vice chairman. Penner has been a board member since 2008.
Richard L. Cassin is the publisher and editor of the FCPA Blog. He can be contacted here.