Connect to share and comment

Wal-Mart taps Cash as new presiding director, replacing Breyer

PlacardEnlarge
(Globalpost/GlobalPost)

(Reuters) - Wal-Mart Stores Inc <WMT.N> said on Saturday that its board has appointed James Cash Jr. as lead independent director.

Cash, who joined Wal-Mart's board in 2006, replaces James Breyer, who served on the board for more than a decade, but was prevented from running again this year under the company's rules of corporate governance.

A former faculty member at Harvard Business School, Cash is also a member of Wal-Mart's audit committee. That committee's oversight has been criticized amid allegations that Wal-Mart de Mexico bribed officials to expand quickly in Mexico and that Wal-Mart executives squelched an internal probe into those charges.

Earlier this month, Wal-Mart shareholders approved the election of all 14 director nominees at the company's annual meeting, despite the ongoing fallout from the scandal.

(Reporting by James B. Kelleher; editing by Gunna Dickson)

http://www.globalpost.com/dispatch/news/thomson-reuters/130615/wal-mart-taps-cash-new-presiding-director-replacing-breyer