BENTONVILLE, Ark. – A major Walmart shareholder says it will vote next week to oust the retailer's entire board in the wake of the company's sensational bribery scandal in Mexico.
That includes Chairman Rob Walton, CEO Mike Duke and former CEO Lee Scott, as well as two New York-based directors -- human-resources executive Michele Burns and investor Christopher Williams.
Marissa Mayer, a top executive at Google, has been nominated to join Walmart's board.
The California State Teachers' Retirement System, known as CalSTRS, owns 5.3 million shares of the world's largest retailer, which last month was reported to have bribed Mexican officials as it sought approvals for a quick store rollout.
"(We) do not have confidence that the current board has the independence and leadership needed to address these difficult issues," CalSTRS said in a statement released Tuesday.
Late last week proxy advisory firms ISS and Glass Lewis separately recommended that Walmart shareholders vote against certain board members, including Duke and Scott.
This month, New York City comptroller John C. Liu said the five city pension funds he advises will vote against five board members.
Read more at the New York Post.