Wal Mart Stores (NYSE:WMT)
Historical Stock Chart
1 Year : From May 2012 to May 2013
By Saabira Chaudhuri
Wal-Mart Stores Inc. (WMT) has named KPMG International's (KPMG) former chairman Timothy P. Flynn to its board and audit committee.
Mr. Flynn worked at KPMG for 32 years, serving as international chairman from 2007 until his retirement in October 2011. He also served as chairman from 2005 to 2010 and chief executive from 2005 to 2008 of KPMG LLP, the U.S. and largest member firm of KPMG International. Mr. Flynn becomes the 17th member of Wal-Mart's board.
Wal-Mart shareholders showed growing discontent with the company's management at the annual shareholders meeting last month, with more than 15% of voting shares cast against director and former chief executive H. Lee Scott. Meanwhile, roughly 13% of voting shares were cast against CEO Michael Duke, Chairman Robson Walton, son of founder Sam Walton, and Christopher Williams, an investment banker who serves as chairman of the board's audit committee.
The dissenting votes had little practical effect, because the Walton family controls nearly half of Wal-Mart's shares and backed the company-recommended 16-member board. But the vote showed a significant increase in disgruntled shareholders over previous years.
The discontent came in wake of allegations the Bentonville, Ark., retailer covered up bribery to further expansion of its Mexican operations.
Of late, the world's largest retailer has stepped up its battle against the credit-card industry, most recently urging merchants to reject a pending multi-billion settlement reached by Visa Inc. (V) and MasterCard Inc. (MA) of numerous lawsuits filed by retailers over credit-card fees.
In May, Wal-Mart said its fiscal first-quarter earnings rose 10% as the company saw customer demand and sales pick up in the U.S. while overseas operations also performed strongly.
Shares of Wal-Mart were down 0.5% to $74.12 in recent premarket trading. The stock is up 41% in the past 12 months.
Write to Saabira Chaudhuri at firstname.lastname@example.org
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