Wal-Mart executives resign in China labeling scandal
Mon, 10/17/2011 - 10:10 EDT - LA Times
Wal-Mart said Monday it was replacing the head of its operations in China, the giant U.S. retailer's latest setback in the country after employees were arrested and detained last week in the western city of Chongqing in connection with a labeling scandal.
Greg Foran, who takes charge of Wal-Mart Stores Inc.’s U.S. division on Aug. 9, inherits a chain wedded to an outdated big-box model, struggling to increase sales in its stores and online, and losing customers because it can’t keep stores adequately stocked. The sluggish U.S. performance contributed to lower-than-projected sales and profit in the quarter that ended April 30. Wal-Mart’s profit forecast for the current quarter also came in lower than analysts’ estimates.
Reese Witherspoon stood before thousands of screaming Wal-Mart workers Friday and led a "USA" chant at the company's annual shareholders meeting. She spoke lovingly of the world's largest retailer, saying Wal-Mart is "redefining retail" and delivering "miracles" to mothers all across the country with services like click-and-collect grocery shopping.
FAYETTEVILLE, Arkansas (Reuters) - Growing concern over the past actions of Wal-Mart Stores Inc executives and board members threatens to cast a pall over the world's largest retailer's annual shareholder meeting and 50th anniversary party on Friday. Large investors and a scrappy group of employee shareholders are calling for the removal of leaders such as Wal-Mart's chief executive officer and its chairman from the board for their alleged connection to a bribery scandal in Mexico. ...