Target announced the resignation of its Chief Information Officer yesterday.
Last November, a massive fire at the Tazreen Fashions factory in Bangladesh killed over 100 garment workers. Just months later, in April of this year, Rana Plaza, an eight-story garment factory, collapsed, killing over 1,100 people in what has been called “the worst industrial accident in the history of the garment industry.” Both tragedies had a Walmart connection: Walmart-brand apparel was found in the rubble at Tazreen, and one of the factories in Rana Plaza listed Walmart as a customer it made goods for.
Walmart’s ruling family, the Waltons, owns a majority of shares and keeps a tight rein on the company – which churns out more than 8 million dollars in dividends for them every single day.
More takeaways from last week’s analyst shindig:
Last Tuesday, Walmart brought Wall Street analysts down to Arkansas to get them up bright and early and show them PowerPoint presentations for hours (aka the “20th Annual Meeting for the Investment Community.”) Our invitation must have been lost in the mail, but we’ve sifted through the transcripts, news reports, and PR spin, and have some takeaways of our own. Here’s the first set:
Big news today for Walmart director Tim Flynn, who also sits on the board of JPMorgan: JPMorgan and four regulators announced a settlement on the London Whale matter in which the company will pay $920 million in fines and acknowledge misconduct by company management.