Wal-Mart's $1.1 Million "Associate"

Wal-Mart's $1.1 Million "Associate"

Friday's announcement by Wal-Mart (WMT) that H. Lee Scott Jr. would be stepping down as president and CEO caught lots of people by surprise, according to the WSJ and others.

While we don't profess to know Wal-Mart all that intimately, we were surprised by Scott's agreement in the 8K that the company filed on Friday which will pay Scott $1.1 million a year for the next two years to serve as "a Wal-Mart associate" -- what the company calls all of its employees. Friday's press release said that Scott will serve as chairman of the executive committee of Wal-Mart's board, a title that seems to go automatically to former Wal-Mart CEOs, including David D. Glass.

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