Wal-Mart CEO bought ring from vendor!

Posted May 30th 2007 8:44PM by Zac Bissonnette
Filed under: Management, Wal-Mart (WMT), Scandals

The Julie Roehm scandal at Wal-Mart (NYSE: WMT) is getting petty to the point of being goofy. The Wall Street Journal (subscription required) reports that CEO Lee Scott recently purchased a diamond ring from the Aaron Group, a wholesale supplier of jewelry to Wal-Mart. The company didn't disclose the details of the purchase, but did say that Scott hadn't received any preferential pricing. A Wal-Mart spokesperson jumped to Scott's defense, saying that he is "subject to the same ethics policy as any other associate and has not violated either the spirit or the letter of Wal-Mart's ethical standards."

The Bentonville retailer has a very strict ethics policy prohibiting its employees from receiving anything free from suppliers. The only thing interesting about this is that the Aaron Group is a maker of "popular priced jewelry" so it would seem like an unusual place for Scott to buy jewelry. But who knows.

The bad news for Wal-Mart is that this is just more bad publicity, however inane it is. I'm sure that they're regretting not settling Roehm's lawsuit a long time ago.

Tags: Aaron Group, AaronGroup, ethical standards, ethics policy, Julie Roehm, JulieRoehm, Lee Scott, LeeScott, Wal-Mart, WMT

Print this

Reader Comments (Page 1 of 1)

5-31-2007 @ 4:43AM

Liza said...

I am waiting for walmarts demise. And any other company that violates people and communities under a guise that they care! I support only companies that put people first not by words but by actions that demonstrate that belief. Most companies fail when the dollar is all their after.

5-31-2007 @ 1:28PM

Jurek said...

Aww. Come on. I love Wal-mart. Even after they fired me for reporting my manager and the woman he was seeing behind his wife for multiple accounts of sexual harassment, and for multiple accounts of breaches in ethics and policy. Even now that I was out of work for 4 months, and am thousands of dollars in debt. And I still love them even AFTER they decided not to give me an option to change how I was filing, and didn't take out enough taxes, to a point of where I owe the state $600 in taxes. [Shh, Don't tell the government, but I didn't pay it, because no one else seemed to want to hire me for a while ;)] Walmart 2386, Ware Massachusetts, "Greatest" place on earth. Even WITH the in house Market Manager. Heh. I hope that fucking place burns.

5-31-2007 @ 1:28PM

Raymond Ackerman said...

With out Wal Mart a lot of business would be out of business and people would be out of a job. Wal Mart stores draws an lot of people.Wal Mart keeps our ecoomy going and prices low.