Wow, it only 6 weeks for $BBY to name a CEO… um, search firm?
By Brad Dorfman and Martinne Geller
(Reuters) – Best Buy Co Inc founder Richard Schulze is stepping down as chairman after he failed to tell the board that a former chief executive had an improper relationship with a female employee, the electronics retailer said on Monday.
Best Buy said the board’s investigation had found that former CEO Brian Dunn’s relationship “negatively impacted the work environment,” but involved no misuse of company resources.
By Brad Dorfman
(Reuters) – Best Buy Co Inc founder and Chairman Richard Schulze is stepping down after he failed to tell the board that former Chief Executive Officer Brian Dunn had violated company policy by having “an extremely close personal relationship” with a female employee, the electronics retailer said on Monday.
Best Buy said an investigation by the board had found that the relationship “negatively impacted the work environment,” but involved no misuse of company resources.
By Brad Dorfman
(Reuters) – The second largest U.S. public pension fund on Thursday said that allegations of bribery in Mexico and a cover up by top management at Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) raises the question of whether top leadership should remain in place at the company.
But officials with the California State Teachers’ Retirement System, which sued Wal-Mart current and former executives on Thursday, stopped short of calling for CEO Mike Duke to step down.
By Mihir Dalal and Brad Dorfman
(Reuters) – Green Mountain Coffee Roasters Inc’s (GMCR.O: Quote, Profile, Research, Stock Buzz) stock shed almost half its value on Thursday, as management lost the confidence of Wall Street after the company cut its outlook and again badly missed sales estimates.
Shortsellers who have been questioning Green Mountain’s accounting practices for months said the results add weight to allegations by hedge fund manager David Einhorn and others that the company had been inflating sales and that its high-growth days were over.
By Brad Dorfman
(Reuters) – A deli manager at a Walmart store has started an online petition calling for the resignations of the retailer’s chairman and chief executive officer in the wake of allegations that top management squelched an internal probe into bribery allegations.
Venazi Luna, who works at the Walmart in Pico Rivera, California, near Los Angeles, started the petition on Thursday and had more than 4,300 signatures as of Friday afternoon. Luna, who has worked at Walmart for seven years, said she wanted to get 10,000 online signatures or more.
April 24 (Reuters) – Wal-Mart Stores Inc said on
Tuesday it has appointed a global officer to oversee compliance
with a U.S. law that forbids bribes to foreign officials as it
grapples with a bribery scandal that has led to more than $10
billion being cut from its market value.
The move is one of the steps the world’s largest retailer
has taken in the past year to manage issues related to the U.S.
Foreign Corrupt Practices Act, a 1970s law that forbids bribing
(Reuters) – Allegations that Wal-Mart Stores Inc stymied an internal investigation into extensive bribery at its Mexican subsidiary is likely to lead to years of regulatory scrutiny and could eventually cost some top executives their jobs, analysts said.
The New York Times said that in September 2005, a senior Wal-Mart lawyer received an email from Sergio Cicero Zapata, a former executive at the company’s largest foreign unit, Wal-Mart de Mexico, describing how the subsidiary had paid bribes to obtain permits to build stores in the country.