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Dover Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-26-05 03:01 AM
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Wal-Mart Director Resigns After Probe

Wal-Mart Director Resigns After Probe

Mar 25, 7:59 PM (ET)

By CARYN ROUSSEAU


The world's largest retailer said it asked Thomas M. Coughlin, who is also a former president and CEO of the company's stores division, to step down because of "a disagreement" over the results of the probe, which involves between $100,000 and $500,000, and his "response to questions concerning his knowledge of certain transactions," according to a regulatory filing.

The Securities and Exchange Commission document does not directly state what role, if any, Coughlin, had in "the alleged unauthorized use of corporate-owned gift cards and personal reimbursements that appear to have been obtained ... through the reporting of false information on third-party invoices and Company expense reports."

In a separate statement, Bentonville-based Wal-Mart said that it did not expect any adverse financial impact from the investigation. The company did not name or otherwise identify the three fired employees and declined further comment Friday.

Wal-Mart also said it initiated the investigation on its own and has referred its findings to the U.S. Attorney for the Western District of Arkansas. The U.S. attorney's office had no comment...cont'd

http://apnews.myway.com/article/20050326/D892B7R00.html

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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-26-05 03:23 AM
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1. hanky panky at Walmart? Yuo don't say?
Somethign maybe ilegal? Nah... not at Walmart...

(sarcasm off)
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-26-05 08:16 AM
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2. Wal-Mart exec resigns in (SEC) probe
http://www.fortwayne.com/mld/journalgazette/business/11...

A high-profile Wal-Mart Stores Inc. board member resigned Friday after an internal probe turned up evidence of financial improprieties of up to a half-million dollars.

Three Wal-Mart employees, including a company officer, also lost their jobs.

The worlds largest retailer said it asked Thomas M. Coughlin, who is also a former president and CEO of the companys stores division, to step down because of a disagreement over the results of the probe, which involves between $100,000 and $500,000, and his response to questions concerning his knowledge of certain transactions, according to a regulatory filing.

...more...
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-26-05 08:22 AM
Response to Original message
3. here's Reuters: Wal-Mart Former Vice Chairman Resigns
http://www.reuters.com/financeNewsArticle.jhtml?type=bu...

WASHINGTON (Reuters) - Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) former Vice Chairman Thomas Coughlin resigned as a director on Friday over a company probe into unauthorized use of corporate gift cards and personal reimbursements that has also been reported to federal prosecutors.

Coughlin, who still sat on three board committees, including one for strategic planning and finance, resigned at Wal-Mart's request in a disagreement over the matter, the company said in a Securities and Exchange Commission filing.

<snip>

Efforts on Friday to reach Coughlin, who joined Wal-Mart in 1978 and was named vice chairman in 2003, were unsuccessful.

<snip>

"The investigation relates to personal reimbursements, payment of third-party invoices and the use of company gift cards," Wal-Mart said in a statement. "There will be no adverse financial impact to the company in connection with this matter."

...more...

Definitely sounds like hanky-panky to me :eyes:

How could such a fundie-based corp have any of that going on? This guy had been with them since 1978 - don't you think he knew the "rules"?
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