Walmart centralizes compliance and legal issues
NEW YORK — Walmart said on Wednesday that various staff groups involved in compliance and legal issues will soon all report to its general counsel, Reuters reported. The move comes as the retailer works on coordinating efforts after an alleged foreign bribery scandal.
In a memo sent by CEO Mike Duke, the retailer said that starting on Dec. 1, its compliance, ethics, investigations and legal units will become one organization under executive VP, general counsel and corporate secretary Jeff Gearhart.
Jay Jorgensen will become Walmart's VP and global chief compliance officer, reporting to Gearhart. Most recently, Jorgensen was with the Washington, D.C., law firm Sidley Austin.
Walmart also said on Wednesday that it has already spent more than $30 million on updating its global foreign corrupt practices act and anti-corruption compliance program.