Wal-Mart taps Cash as new presiding director, replacing Breyer

Sat Jun 15, 2013 4:08pm EDT
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(Reuters) - Wal-Mart Stores Inc (WMT.N: Quote) said on Saturday that its board has appointed James Cash Jr. as lead independent director.

Cash, who joined Wal-Mart's board in 2006, replaces James Breyer, who served on the board for more than a decade, but was prevented from running again this year under the company's rules of corporate governance.

A former faculty member at Harvard Business School, Cash is also a member of Wal-Mart's audit committee. That committee's oversight has been criticized amid allegations that Wal-Mart de Mexico bribed officials to expand quickly in Mexico and that Wal-Mart executives squelched an internal probe into those charges.

Earlier this month, Wal-Mart shareholders approved the election of all 14 director nominees at the company's annual meeting, despite the ongoing fallout from the scandal.

(Reporting by James B. Kelleher; editing by Gunna Dickson)

A Wal-Mart Stores Inc company distribution center in Bentonville, Arkansas June 6, 2013. REUTERS/Rick Wilking