Wal-Mart Pulls Coughlin’s Retirement Package

Wal-Mart Stores Inc. said it had rescinded the retirement agreement of former Vice Chairman Thomas M. Coughlin, who resigned as a Wal-Mart director in March after an internal investigation indicated he may have abused his expense account and company credit cards by as much as $500,000.

The Wall Street Journal reported it appears the move will cost Coughlin at least $12 million in forfeited restricted stock and salary in addition to the loss of potentially valuable stock options and contributions to deferred-compensation and retirement plans.

The world’s largest retailer also said it dismissed Coughlin retroactively to Jan. 22 for “gross misconduct,” including failing to disclose that he had “been engaged in a scheme to misappropriate corporate funds and property for his own personal use,” the SEC filing stated.

Coughlin retired in January as vice chairman of Wal-Mart, where he had worked for more than 25 years. Wal-Mart asked him to resign from the company’s board in March.