Wal-Mart Stores Inc. (WMT) has merged its compliance, ethics, investigations and legal offices into one organization answering to the company's general counsel amid a federal investigation into bribery allegations at the retail giant's Mexico unit, according to a company-wide memo seen by Dow Jones Newswires.
Wal-Mart said in the memo sent Wednesday it had hired Washington, D.C., attorney Jay Jorgensen as its global chief compliance officer. Jorgensen, who is currently a partner at Sidley Austin LLP, will start Dec. 3.
"This move will allow us to leverage our strengths in these key disciplines around the world, resulting in close coordination and integration," President and Chief Executive Mike Duke said in the memo.
A separate memo reviewed by Dow Jones Newswires detailed the Bentonville, Ark., retailer's sprawling, $30 million review of the company's world-wide compliance controls and subsequent changes to its internal controls and protocols.
The seven-page document underscores the tremendous costs of the anticorruption assessments that have become prevalent amid heightened enforcement by the U.S. authorities...
Source: Argentine Beef Packers S.A.
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