Wal-Mart’s Eduardo Castro-Wright Retires
by July 5, 2012 7:55 am 395 views
Wal-Mart executive Eduardo Castro-Wright, who remains at the center of a Mexican bribery scandal, retired from the retail giant on July 1 as planned and without much fanfare, according to this Bloomberg report.
Castro-Wright, once a rising star in the Wal-Mart ranks, resigned from his board position in April after news of the alleged Mexican bribery scandal erupted. He was head of the company's Mexican operations during its high-growth years when much of the alleged bribery occurred.
From Bloomberg:
The Justice Department and U.S. Securities and Exchange Commission are probing allegations the Bentonville, Arkansas- based retailer approved as much as $24 million in bribes as recently as 2005, when Castro-Wright ran the Mexico business. Castro-Wright retired on schedule, David Tovar, a Wal-Mart spokesman, said in an e-mail.
ng>His departure marks the end of an 11-year career at the world’s largest retailer. Besides presiding over rapid growth in Mexico, where officials allegedly paid bribes to open stores faster, Castro-Wright also started Project Impact in the U.S., a failed plan to focus on fast-selling products while thinning the assortment Wal-Mart was long known for.
“A lot of founder Sam Walton’s precepts were hard to find under Eduardo,” Bernard Sosnick, an analyst with Gilford Securities Inc. in New York, said today in a phone interview. “Since he has gone, Sam’s maxims are at work again.”
You can read more at this link.