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Wed Jul 30, 2014, 12:29 PM

 

Karma strikes: The Terrible Economy Just Claimed Another Victim: Walmart's U.S. CEO

http://www.huffingtonpost.com/2014/07/24/bill-simon-economy_n_5618045.html

The sluggish U.S. economic recovery just claimed another job. Bill Simon, CEO of Walmart U.S., is stepping down, Walmart announced on Thursday. Simon's tenure was marked by a long stretch of poor performance, but bad luck might have played a role in that: He held the post during a particularly terrible time for low- and middle-income Americans, who are also Walmart's core customers.

"His tenure perfectly parallels the worst economic period in the last 70 years," Charles Fishman, author of The Wal-Mart Effect, said of Simon. Simon became chief operating officer of Walmart U.S., effectively second-in-command of that business, in 2007, the year the Great Recession began. He became CEO of Walmart U.S. in 2010.

During the recession and the subsequent ongoing recovery, low- and middle-income Americans have been plagued by high unemployment, stagnant wages, benefit cuts and a proliferation of low-paying, part-time jobs at the expense of stable, salaried middle-class work. For Walmart, this means shoppers -- many of whom are also burdened by high levels of debt -- just aren't spending like they used to.

As a result, Walmart's bottom line is suffering. The company's U.S. sales have fallen in 12 out of the past 20 quarters at stores open a year or more, according to Ken Perkins, head of the retail data firm Retail Metrics. Walmart executives have repeatedly cited last November's cuts to the federal government's food stamp program as a reason for the company's poor performance.

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Reply Karma strikes: The Terrible Economy Just Claimed Another Victim: Walmart's U.S. CEO (Original post)
Scuba Jul 2014 OP
RKP5637 Jul 2014 #1
Initech Jul 2014 #2
hfojvt Jul 2014 #3
samsingh Jul 2014 #4

Response to Scuba (Original post)

Wed Jul 30, 2014, 12:31 PM

1. What goes around comes around! n/t

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Response to Scuba (Original post)

Wed Jul 30, 2014, 12:34 PM

2. The great recession was really just grand larceny when you think about it.

And really they can't blame it on us, they can only blame it on themselves.

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Response to Scuba (Original post)

Wed Jul 30, 2014, 12:40 PM

3. seriously, we are supposed to feel some sort of glee over this?

Like we won something? Like this CEO is gonna suffer severe deprivation?

He made $11,000,000 in 2013. Enough to live on very comfortably for a hundred years.

He's only 54, which surprises me. I thought he'd be in his 60s.

He may want some kind of job, retired people are often claiming to be bored with their freedom, but there is absolutely NO financial reason for him to work.

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Response to Scuba (Original post)

Wed Jul 30, 2014, 12:41 PM

4. so walmart owners support repugs who have bad policies for middle and

lower income citizens. this group is the main customers of walmart.

wouldn't walmart ownership be better served voting Democratic? Would'nt walmart shoppers be better suffered shopping at Costco?

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