WAL-MART WOES: Wal-Mart has pulled the plug on millions in stock options and other benefits for former vice chairman Thomas Coughlin, who was forced off the board in March after an internal investigation uncovered the possible...
WAL-MART WOES: Wal-Mart has pulled the plug on millions in stock options and other benefits for former vice chairman Thomas Coughlin, who was forced off the board in March after an internal investigation uncovered the possible misappropriation of as much as $500,000 in company funds. In a proxy statement, Wal-Mart said it suspended Coughlin’s restricted stock, stock options, incentive payments and some interest payments earned under a deferred compensation plan. The move voids a noncompete agreement Coughlin signed Jan. 22 after his retirement as vice chairman that would have continued his $1.03 million base salary for another two years. He might forfeit 186,407 restricted stock options worth about $9.7 million as well as 302,503 stock options exercisable within 60 days and worth about $14 million. The company’s findings have been referred to federal prosecutors in Arkansas. Spokesman Marty Heires said the company could not comment beyond what was disclosed in the proxy filing.
RODDICK, REEBOK SPLIT: Reebok International said Friday it will not renew its five-year contract with tennis player Andy Roddick as of May 1. Company executives declined to comment, but Dennis Baldwin, Reebok’s chief marketing officer, said in a statement: “After carefully considering what is in the best interest of our business, Reebok has elected not to continue this partnership.” Roddick was the center of the brand’s global marketing campaign last summer, and the company also developed a line of sportswear and accessories with the 22-year-old player. He is featured in the current Reebok marketing campaign based on the theme “I Am What I Am.” Last year, Reebok ended its endorsement of Venus Williams after nearly a decade.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)