Thomas M. Coughlin, a former vice chairman and No. 2 executive, has resigned from Wal-Mart in the wake of an internal probe into alleged financial improprieties and the misuse of company-owned gift cards, Wal-Mart said yesterday.
Two other unidentified employees also lost their jobs.
“Wal-Mart initiated the investigation on its own and has now referred the matter to the U.S. Attorney for the Western District of Arkansas,” the company said in a statement. “There will be no adverse financial impact to the company in connection with this matter.”
Coughlin, 55, was a former president and CEO of the company’s stores division, often referred to as the No. 2 executive. The amount involved in the investigation is between $100,000 and $500,000, according to news reports.
Wal-Mart declined further comment.
In his resignation letter to the company, Coughlin was quoted in news reports as saying, “I leave with warm feelings for the company and all the people who have made it great. I have appreciated the opportunity to serve.”
In December, Wal-Mart announced that Coughlin would retire in January after 25 years with the Bentonville, AR-based retailer.
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