The pressure on Walmart (NYSE: WMT) due to a report that bribery was wide-spread in its Mexico unit may cost the most senior executives at the parent company their jobs. The New York Times ran a 7,600 word article which detailed the activity.
Mentioned in the piece were Walmart vice-chairman Eduardo Castro-Wright, who ran Walmart’s Mexico operation and apparently approved the bribes. Walmart’s former CEO and current board member H. Lee Scott Jr was aware of the details of the problem, the Times reports. Current CEO Michael T. Duke, who ran Walmart International, apparently was as well.
Walmart could face large fines in Mexico and the US. Its operations in a number of other large markets are likely to be scrutinized. The revelation leaves the Walton family, which controls the world’s largest retailer, and the corporation’s board with the potential challenge of replacing its CEO and at least one other board member–Lee Scott.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
