Does this sound familiar?
Now that its former president, Sylvia Mathews Burwell, has moved on to become director of the Office of Management and Budget and is busy sending out the official memos starting the government shutdown, the Walmart Foundation has named a new president: Kathleen McLaughlin, a senior partner at McKinsey and Co. She starts October 15.
Walmart gives away millions and millions of dollars a year through the company’s Walmart Foundation. Its motivations aren’t purely philanthropic: As outgoing EVP Leslie Dach told investors in 2010, philanthropy bolsters Walmart’s reputation, and the company then seeks to use that reputation as “a lever” in achieving company goals, such as opening stores in new markets.
In a Securities and Exchange Commission filing late last month, Walmart said it expects to incur a loss as a result of investigations and lawsuits related to the alleged systematic bribery scheme in its Mexican subsidiary. “Given the on-going nature and complexity of the review, inquiries, and investigations,” the company wrote, “we cannot reasonably estimate any loss or range of loss that may arise from these matters.”