by Beth Connolly on April 25, 2012
Wal-Mart has brought a global compliance officer on board, according to Bloomberg Businessweek.
Reuters reports that the role will be filled by Tom Gean, a former U.S. attorney for the Western District of Arkansas. He has worked for Wal-Mart since 2004 and apparently was appointed to the role “earlier this year.”
The new position will be responsible, first and foremost, for updating execs on the legal snafus that might ensue from accepting bribes overseas.
He will also oversee five regional compliance officers, including a compliance officer based in Mexico. But won’t the new CO have enough to do without teaching subordinates how to do their jobs?
It serves as further evidence that a compliance program is essential to profitability. Why did Wal-mart have to wait until a scandal broke and their stock dropped 3% as a result to create this position?