FINANCE

Walmart exceeds $1 billion in philanthropic giving

BY Katherine Boccaccio

Bentonville, Ark. — For the first time in the retailer’s history, Wal-Mart Stores Inc. said that, through Walmart and the Walmart Foundation, it has given more than $1 billion in cash and in-kind contributions.

The Monday announcement makes Walmart the first U.S. retailer to achieve the $1 billion in giving mark, up from $872.7 million last year. The growth in global giving was largely due to increased in-kind donations in the U.S. to local food banks and families impacted by disasters.

"At Walmart we believe in taking care of our neighbors and our communities," said Leslie Dach, EVP corporate affairs, Walmart. “One way we can do that is through our giving, and we’ve tried to step up in a big way."

The company’s focus has been on hunger relief, job training and support of local schools.

In addition to the more than $1 billion from Walmart and the Walmart Foundation, Walmart and Sam’s Club customers and associates around the world raised $156.3 million for local organizations such as the Salvation Army and Children’s Miracle Network Hospitals.

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Apr-23-2013 11:02 am

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M.Dai says:
Apr-23-2013 11:02 am

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OPERATIONS

Cabela’s puts succession plan in motion

BY Katherine Boccaccio

Sidney, Neb. — Cabela’s Inc. said Monday that its co-founder and chairman Richard N. Cabela has transitioned to the role of chairman emeritus, effective June 5, as part of the company’s succession plan.

Dick’s brother, James W. Cabela, co-founder and currently vice chairman, will become chairman following the June 5 annual meeting of shareholders.

“We are … pleased our long-term succession plans once again worked,” Tommy Millner, CEO, said. “This has been a key focus over the past four years for our management team and board of directors at every level of leadership within the organization.”

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M.Dai says:
Apr-23-2013 11:03 am

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M.Dai says:
Apr-23-2013 11:03 am

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FINANCE

Former Office Depot COO charged with insider trading

BY Katherine Boccaccio

New York — A Monday report by Forbes said that former Office Depot COO Mark Begelman has been charged with profiting off confidential information.

The SEC leveed insider trading charges against Begelman for allegedly using confidential information for his own gain, concerning the upcoming acquisition of Bluegreen Corp. by BFC Financial Corp.

According to the report, Begelman learned of the acquisition through his membership in the World Presidents’ Organization, a group of current or former executives at major companies. He then is reported to have parlayed the information into over $15,000 in illicit trading gains when the acquisition was announced.

Begelman had agreed to settle the charges, without admitting any wrongdoing, by disgorging the gains and paying a civil penalty in the amount of his gains.

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