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Wal-Mart Stores, Inc. (NASDAQ: WMT) sure has a storied history. Borne out of the backwoods of Arkansas, the company founded by Sam Walton has gone on to become one of the most efficient and ruthless retailers ever.Continue reading Wal-Mart's Rob Walton suiting up in a custom gold Ferrari?
The dreaded vote of confidence (noun): When an individual, usually a leader, has mangled his or her job so badly that the boss is forced to defend them publicly by saying that they have "the utmost respect" or "tremendous confidence" in the person's abilities. Often, but not always, this is followed by the firing of the highly respected individual.
Wal-Mart's (NYSE: WMT) share price has lagged the market since Lee Scott took over as CEO in 2000, and the company has faced an ever-increasing amount of negative publicity: Spying on shareholders, environmental concerns, labor issues, and, most recently, the Julie Roehm contretemps. While the merit of all these scandals can be debated, the avalanche of bad publicity they have generated cannot be.
At Friday's annual meeting, Wal-Mart Chairman Rob Walton gave Scott the dreaded vote of confidence: "The board and the Walton family have absolute confidence in your leadership, Lee. We appreciate you and we thank you."
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