Walmart and Sam’s Club announce military initiatives following White House call to action
Washington, D.C. — On the heels of First Lady Michelle Obama and Dr. Jill Biden’s “Joining Forces” military support announcement in Washington, D.C., on Tuesday, Walmart has announced its Military Family Promise.
The commitment guarantees a job at a nearby store or club for all military personnel, and military spouses, employed at Walmart and Sam’s Club who move to a different part of the country because they or their spouse have been transferred by the United States military.
In addition, through Walmart and Sam’s Club’s Military Family Promise, associates called to active military duty will continue to be paid any difference in their salary if the associate is earning less money during their military assignment.
"As one of the nation’s largest employers of veterans, we applaud the First Lady and Dr. Biden’s continued leadership when it comes to honoring and supporting our nation’s heroes," said Bill Simon, president and CEO of Walmart U.S. "With our presence in communities across the U.S., we are in a unique position to make a difference on issues that matter most to the military and veteran communities.”
On Tuesday the retailer announced two new Foundation grants, including $1 million to the Entrepreneurship Bootcamp for Veterans with Disabilities Program, which will send 300 veterans with disabilities to entrepreneurship bootcamp at one of seven major university partners, as well as facilitate the expansion of the program to two additional schools. The funds will also support small business training for more than 100 military family members.
The other is $500,000 to the SCORE Foundation to help accelerate veterans’ ability to start a business and succeed as small business owners.
Gap CEO pay package up 18% in 2010
New York City — A report by the Associated Press revealed that Gap CEO Glenn Murphy received compensation worth nearly $6 million in 2010, an 18% increase from the year before.
Most of the increase came from a one-time bonus and stock awards. Murphy didn’t receive any stock awards the year before.
Murphy, 49, received a base salary of $1.5 million in the fiscal year that ended Jan. 29, according to a Securities and Exchange Commission filing. He also received a bonus of $635,000 last year after getting none the year before.
The company said that bonus was partly because Murphy voluntarily took a $225,000 pay cut in 2009, which was restored in 2010. Gap also said it because the company’s financial performance was well above expectations in 2009 amid the severe economic downturn.
Murphy, however, saw his cash performance bonus fall to $1.7 million, half of what he received in 2009. Murphy’s stock awards were valued at $1.8 million in 2010.
He also received other compensation worth $280,937 in 2010, a 70% increase from 2009.
Chase Card Services in agreement with Kohl’s
Wilmington, Del. — Chase Card Services, a division of JPMorgan Chase & Co., and Kohl’s Department Stores announced an exclusive marketing partnership in which Chase card members enrolled in Chase’s Ultimate Rewards program will gain access to a wide range of increased rewards benefits for shopping at Kohl’s.
Beginning in 2011, Kohl’s and Chase will launch several new initiatives designed to reward Chase card members for shopping at Kohl’s, including enhanced gift card promotions and expanded bonus point programs for qualifying Kohl’s purchases.
“We look forward to partnering with Chase to deliver new and exciting rewards to Kohl’s customers and Chase card members,” said Julie Gardner, Kohl’s executive VP and chief marketing officer. “Coupled with our world-class national, private and exclusive brands and industry-leading policies, this program is another way Kohl’s differentiates itself in the marketplace and continues to provide shoppers with great value.”