Wal-Mart CEO: speed up pace of change

Wal-Mart CEO hopes to bring together e-commerce and physical stores to better serve customers

RELATED QUOTES

SymbolPriceChange
WMT67.18-0.44

FAYETTEVILLE, Ark. (AP) -- Wal-Mart's CEO Doug McMillon said the world's largest retailer's task is to more quickly bring e-commerce together with physical stores to better serve shoppers.

At Wal-Mart Stores Inc.'s annual shareholders meeting on Friday, McMillon talked about a service that Wal-Mart offers at its Asda.com Web site in the U.K., where customers can order groceries online and then pick them up from trucks at various pickup points. He also showed off miniature figures of executives to illustrate how some Wal-Mart stores have been using 3-D printers to create miniature figurines for customers in the U.K.

"Our purpose of saving people money will always be relevant, but we'll do it in new ways," said McMillon, a 23-year Wal-Mart veteran who took over as CEO in February. "We need to be at the forefront of innovation and technology."

McMillon's remarks come at a time when the retailer is seeking to address concerns over its declining sales and business practices at home and overseas. About 14,000 Wal-Mart workers around the world attended the meeting, which as usual had celebrity entertainment: Actor Harry Connick Jr. was master of ceremonies and Pharrell and Robin Thicke performed.

Despite the festivities, Wal-Mart is under scrutiny. Revenue at established Wal-Mart stores in the U.S. has declined for five consecutive quarters. The number of customers has also fallen six quarters in a row at the division, which accounts for 60 percent of the company's total sales.

Like many other retailers that cater to working-class Americans, Wal-Mart has been hurt by an uneven economic recovery that has benefited well-heeled shoppers more than those in the lower-income rungs. Moreover, shoppers are increasingly looking for lower prices at online rivals like Amazon.com and at dollar chains and pharmacies.

As a result, Wal-Mart is opening more small stores, like Walmart Express and Neighborhood Markets. It's also pushing online grocery services. It's also adding money transfers and other services to cater to low-income shoppers. Meanwhile, Wal-Mart has more than tripled the number of items it sells online to more than 7 million from 2 million just 18 months ago.

At the same time, Wal-Mart is still facing critics who argue that its workers' wages are skimpy. The issue came up at Friday's meeting when a worker, Charmaine Givens-Thomas, introduced a shareholder proposal for an independent chairman. "Something is wrong when the richest family in America pays hundreds of thousands of workers so little that they cannot survive without public assistance," she said.

Wal-Mart also is facing tough ethical questions overseas as it continues to confront concerns over how it handled bribery allegations that surfaced in April 2012 at its Mexican unit. The company is being pressured to increase its oversight of factories abroad following a building collapse in April 2013 in Bangladesh that killed more than 1,100 garment workers. Wal-Mart wasn't using any of the factories in the building at the time of the collapse, but it is the second-largest retail buyer of clothing in Bangladesh.

Among the proposals by shareholders was a call for an independent chairman that doesn't serve as an executive at Wal-Mart, a move that was backed by Institutional Shareholder Services but failed in a preliminary tally of votes. Wal-Mart has said ISS's request for disclosure of "specific findings" in regard to possible violations of the Foreign Corrupt Practices Act, which prohibits companies from bribing foreign officials, is "contrary to the best interests of the company" because such a disclosure could interfere with the ongoing investigations.

ISS also recommended that shareholders vote against the re-election of board members, citing the failure of the board to provide more information to shareholders about specific findings of the investigation into bribery outside of the United States. All 14 directors were re-elected.

Wal-Mart is expected to file the final tally of proxy votes with the Securities and Exchange Commission early next week. With descendants of Wal-Mart's founder owning more than 50 percent of Wal-Mart's shares, activist shareholders have little chance of passing shareholder proposals.

Meanwhile, Wal-Mart named Greg Penner to the new position of vice chairman, signaling that succession planning on the board could be in the works.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • LG G6 renders revealed by Ghostek ahead of MWC announcement
    LG G6 renders revealed by Ghostek ahead of MWC announcement International Business Times - 24 minutes ago

    LG G6 case renders have surfaced online, ahead of the phone's launch at the MWC. … More »

  • Son and daughters of stars are fashion's new royalty
    Son and daughters of stars are fashion's new royalty AFP News - 3 hours ago

    They are fashion's new celebrity aristocracy, the sons and daughters of stars who are themselves becoming the kings and queens of the catwalk shows. From Lily-Rose Depp and Will Smith's daughter Willow -- the faces of Chanel -- to the Beckham boys … More »

  • Happy New Year with Rising Home Loan Rates?
    Happy New Year with Rising Home Loan Rates? feed_manager_auto_publish_494--autopubtest_WPTUMBLR_485 - 3 hours ago

    Happy New Year with Rising Home Loan Rates? … More »

  • The skin cure fad threatening Myanmar's elephants
    The skin cure fad threatening Myanmar's elephants AFP News - 6 hours ago

    "Elephant's skin can cure skin diseases like eczema," one shop owner, who requested anonymity, told AFP next to a counter brimming with porcupine quills and snake skins. Then you get the ash and mix it with coconut oil to apply on the eczema." He … More »

  • Who's who in the Syria conflict
    Who's who in the Syria conflict AFP News - 6 hours ago

    Talks aimed at ending Syria's nearly six-year war are set to open on Monday in the Kazakh capital, brokered by regime allies Russia and Iran and rebel backer Turkey. Key regime backer Russia began an air campaign in support of President Bashar … More »

  • Years of failed efforts to end Syrian conflict
    Years of failed efforts to end Syrian conflict AFP News - 7 hours ago

    Since the start of Syria's war in 2011, several diplomatic initiatives have stumbled over the future of President Bashar al-Assad. Here is a recap: - End of Arab solutions - In January 2012, two months after an initial bid to end the violence, … More »

  • US stocks rise, dollar falls as Trump era begins
    US stocks rise, dollar falls as Trump era begins AFP News - 7 hours ago

    US stocks rose and the dollar fell Friday as Donald Trump was officially sworn in as the president of the United States and Barack Obama's term ended. Trump's inauguration dominated a day that saw most major equity markets rise as the … More »

  • Automotive industry: Sales lower but resilient Business Times - 7 hours ago

    CYBERJAYA: The Malaysian automotive industry is resilient, considering there were no “surprises” by the industry players last year, despite lower sales figures, according to Malaysia Automotive Institute (MAI) chief. Chief executive officer Datuk … More »

  • Automotive industry: Sales lower but resilient Business Times - 7 hours ago

    CYBERJAYA: The Malaysian automotive industry is resilient, considering there were no “surprises” by the industry players last year, despite lower sales figures, according to Malaysia Automotive Institute (MAI) chief. Chief executive officer Datuk … More »

  • Top gainer: UMW Holdings shares soar Business Times - 7 hours ago

    KUALA LUMPUR: UMW Holdings Bhd soared almost 10 per cent yesterday, while its subsidiary UMW Oil & Gas Corp Bhd (UMW O&G) plunged more than 17 per cent, following the announcement of their consolidation plans. UMW Holdings was Bursa Malaysia’s top … More »

  • Top gainer: UMW Holdings shares soar Business Times - 7 hours ago

    KUALA LUMPUR: UMW Holdings Bhd soared almost 10 per cent yesterday, while its subsidiary UMW Oil & Gas Corp Bhd (UMW O&G) plunged more than 17 per cent, following the announcement of their consolidation plans. UMW Holdings was Bursa Malaysia’s top … More »

  • Trump's inauguration day of ritual upends tradition
    Trump's inauguration day of ritual upends tradition AFP News - 8 hours ago

    Donald Trump awoke as your everyday American billionaire. By noon he was sworn in as the nation's 45th president, on a whirlwind day that saw him thrust into the spotlight like never before. Trump, 70, began his Inauguration Day as many American … More »

  • Trump signs executive order against Obamacare health law
    Trump signs executive order against Obamacare health law AFP News - 8 hours ago

    President Donald Trump signed an executive order aimed at limiting the "burden" of the Obamacare health law that the incoming US leader has vowed to repeal. During the signing in the Oval Office, Trump's chief of staff Reince Priebus described the … More »

  • Singaporean buyer scores a bargain at St Regis Residences
    Singaporean buyer scores a bargain at St Regis Residences The Edge Property - 9 hours ago

    One of the first few resale transactions in 2017 resulted in a hefty loss for the seller. On Jan 3, a high-floor unit at St Regis Residences Singapore was sold at a loss of $2.3 million. The seller bought the unit in a sub-sale transaction in 2008 … More »

  • US stocks rise, dollar falls as Trump era begins Business Times - 10 hours ago

    NEW YORK: US stocks rose and the dollar fell Friday as Donald Trump was officially sworn in as the president of the United States and Barack Obama’s term ended. Trump’s inauguration dominated a day that saw most major equity markets rise as the … More »

  • US stocks rise, dollar falls as Trump era begins AFP - 10 hours ago

    US stocks rose and the dollar fell Friday as Donald Trump was officially sworn in as the president of the United States and Barack Obama's term ended. Trump's inauguration dominated a day that saw most ... … More »

  • Trump gets Obama's house, title _ even his Twitter handle
    Trump gets Obama's house, title _ even his Twitter handle Associated Press - 11 hours ago

    Donald Trump built his campaign on early morning tweet storms and hashtag-worthy slogans. Now president, he's in control of the White House's powerful social media arsenal, including the official @POTUS ... … More »

  • Business Highlights Associated Press - 11 hours ago

    ___ China's growth in 2016 slumps as Trump trade struggle looms China's economic growth sank to a three-decade low in 2016 as its struggling exporters brace for a possible trade battle with President-elect ... … More »

  • Stocks edge higher, snapping a 5-day losing streak for Dow
    Stocks edge higher, snapping a 5-day losing streak for Dow Associated Press - 12 hours ago

    Materials companies led U.S. stocks modestly higher Friday, recouping much of the market's loss from a day earlier and snapping a 5-day losing streak for the Dow Jones industrial average. Another crop ... … More »

  • How major US stock market indexes fared on Friday Associated Press - 12 hours ago

    Stocks closed modestly higher Friday, recouping much of the market's loss from a day earlier. The gains, which snapped a 5-day losing streak for the Dow Jones industrial average, came against the backdrop ... … More »

  • Gambia's Jammeh agrees to go, but exile terms not reached
    Gambia's Jammeh agrees to go, but exile terms not reached AFP News - 12 hours ago

    Gambia's Yahya Jammeh agreed "in principle" to hand over power to President Adama Barrow on Friday, Mauritanian and Guinean sources said, but differences remained before a full deal could be reached. Mauritania's President Mohamed Ould Abdel Aziz … More »

  • Dollar falls, U.S. stocks end higher after Trump inauguration
    Dollar falls, U.S. stocks end higher after Trump inauguration Reuters - 12 hours ago

    The dollar ended down while U.S. stock indexes rose in the last day of a choppy trading week, as investors reacted to President Donald Trump's inaugural speech. U.S. stocks started the day higher but gave up some gains after Trump started speaking. … More »

  • TrailStone buys Cargill's power and gas group - sources
    TrailStone buys Cargill's power and gas group - sources Reuters - 12 hours ago

    Commodities trader and investor TrailStone Group has purchased Cargill Inc's gas and power trading group, three sources familiar with the deal said this week. The move, first reported by Sparkspread, comes amid a reshuffling in the power and … More »

  • Dollar falls as investors unpack inauguration speech
    Dollar falls as investors unpack inauguration speech Reuters - 12 hours ago

    The dollar edged down on Friday as investors were underwhelmed by the limited scope of executive actions and the lack of concrete policy reforms in the inauguration speech of newly sworn-in U.S. President Donald Trump. Investors had been looking to … More »

  • Oil prices jump 2 percent ahead of producers' compliance meeting
    Oil prices jump 2 percent ahead of producers' compliance meeting Reuters - 12 hours ago

    Oil prices rose more than 2 percent on Friday on expectations that this weekend's meeting of the world's top oil producers would demonstrate compliance to a global output cut deal, but rising U.S. drilling activity limited gains. Members of the … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.172-0.002-1.15%
    N21.SI
    0.109+0.003+2.83%
    AAJ.SI
    0.121+0.006+5.22%
    40F.SI
    3.81+0.03+0.79%
    Z74.SI
    0.855-0.005-0.58%
    Y92.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.45+0.12+36.36%
    MR8.SI
    0.44+0.09+25.71%
    AWC.SI
    0.46+0.08+21.05%
    AYB.SI
    0.52+0.07+16.85%
    E8Z.SI
    0.20+0.02+10.50%
    BDN.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.22-0.03-13.73%
    AWI.SI
    0.155-0.015-8.82%
    F86.SI
    0.113-0.010-8.13%
    D79.SI
    0.23-0.02-8.00%
    T18.SI
    0.139-0.011-7.33%
    5NF.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4246-0.0012-0.09%
    USDSGD=X
    1.5220+0.0019+0.12%
    EURSGD=X
    1.7591+0.0004+0.02%
    GBPSGD=X
    80.1670-0.478-0.59%
    SGDJPY=X
    5.4390+0.002+0.04%
    SGDHKD=X
    3.1179-0.0011-0.04%
    SGDMYR=X
    9,436.7451+30.9307+0.33%
    SGDIDR=X
    4.8209+0.004+0.08%
    SGDCNY=X
    1.0759-0.0017-0.16%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,210.20+8.70+0.72%
    GCG17.CMX
    17.11+0.11+0.66%
    SIH17.CMX
    88.68+1.12+1.28%
    ^XAU
    2.620.00+0.19%
    HGH17.CMX
    52.33+0.96+1.87%
    CLG17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.94-0.01
    ^FVX
    2.47+0.01
    ^TNX
    3.05+0.01
    ^TYX