Wal-Mart's $1.1 Million "Associate"

Footnoted:

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.

Read the whole story: Footnoted

Comments

[rabiddog6708]

Nice to know there is at least one Wal Mart employee making above the poverty level.

[FreedomCorpse]

In other countries, they call associates "comrades"...like walmarts primary supplier of tainted goods.

[44on1600]

"$1.1 million a year for the next two years to serve as " an associate? Wow....An average associate get $8 /hr part time and I might add no private jet.

[rabiddog6708]

nice o see at least one Wal Mart employee earning above the poverty level.

[DuPageDem]

"Hi, welcome to Wal-Mart. Can I help you find anything?"

"Yes, can you tell me what aisle the union cards are located?"

"Right this way, straight through the back room doors. They're at the bottom of the box crusher. Be careful, the safety switch is broken."

[atlantajoe]

that is a good place for union cards, in the trash. Union thugs produce nothing and do not start any new companies. Let the UAW cover the bailout of the big Three by putting the pension money up as colateral.

[tippy6]

Exactly. Unions only serve to drag companies down, overinflating the cost of labor and thereby making prices rise for everyone. Quit blaming Wal-Mart, a company that employs thousands of Americans, all of which work there voluntarily, if I'm not mistaken.

[RightWingMarine]

what, no jealous comments yet? C'mon y'all are slacking.

[WIpatriot]

OK....

The new golden parachute is a golden slide.