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Bill "What Rosy Jobs Numbers?" Simon Is Out At Walmart

Tyler Durden's picture




 

There are consequences to speaking publicly about the real state of the economy. After 8 years of service, Walmart CEO Bill Simon has been replaced by Greg Foran as President and CEO of the behemoth retailer. This comes just 2 week after Simon questioned the validity of the government's "rosy jobs numbers" on CNBC and several quarters of weak performance at the company (due to a weak economy). Walmart's press release explains that the new CEO has "a passion for fresh food" and is "one of the most talented retailers ever met." We are sure these are crucial factors to overcome the stagnating incomes of America for the largest retailer...

 

Walmart Names Greg Foran President and CEO of Walmart U.S.

Today, Walmart (NYSE: WMT) announced that Greg Foran, 53, has been promoted to President and CEO of Walmart U.S. Foran succeeds Bill Simon who has been in the role since June 2010 and will be transitioning out of the company.
 
Foran will assume his responsibilities on August 9 and will report directly to Walmart President and CEO, Doug McMillon. Simon will be available on a consulting basis for the next six months to ensure a seamless transition.

“Greg is one of the most talented retailers I’ve ever met. His depth of knowledge and global experience will bring a fresh perspective to our business,” said McMillon. “His passion for fresh food, experience in general merchandise and commitment to e-commerce will help us serve our customers even more effectively for years to come.”

“During Bill’s eight years of service to Walmart, his passion for our mission, dedication to our associates and our customers, and innovative thinking pushed us forward,” said McMillon. “From the very beginning, his vision led us to lower the cost of health care through our $4 prescription offering. And, most recently, he put us on a path to future growth with small formats and efforts that integrate digital and physical retail.”

A 35-year retail veteran, Foran joined the company in October 2011 and became President and CEO of Walmart China in March 2012. While leading the business in China, the team made significant progress with its assortment, pricing, store operations and compliance as Foran led strategic investments in the supply chain and improved the store portfolio. He was promoted to President and CEO of Walmart Asia earlier this year.

Prior to Walmart, Foran held a number of roles with Woolworths, the leading retailer in Australia and New Zealand. He served as the managing director of supermarkets, liquor and petrol with responsibility for more than $40 billion in sales at that time. Under Foran’s leadership, the business grew sales and market share in a strong competitive market. Earlier in his career, Foran served as general manager of Big W, Woolworth’s industry leading discount store business and as general manager of Dick Smith Electronics.

“I’ve worked closely with Greg for the past few years and I’ve seen firsthand his passion for retail. I’m confident that Greg’s strong leadership skills and alignment with our culture will serve our customers and associates well,” McMillon said. “I’m excited about what he will bring to this important part of our business.” 

“Being asked to lead the Walmart U.S. business is a privilege that I don’t take lightly,” said Foran. “I am excited to get started. The needs of our customers are changing dramatically and we have an enormous opportunity to serve them in new and different ways. We must be fierce advocates for our customers, work meticulously to exceed their expectations and earn their trust every day.”

During his tenure as President and CEO of Walmart U.S., Simon led a turnaround that reinvigorated the company’s focus on everyday low costs, everyday low prices and an increased product assortment. He also created more career opportunities for associates, launched a U.S. manufacturing revitalization and committed the company to hire more U.S. veterans.

“Whether we’re helping associates earn more for their families or providing customers affordable prices so they can put food on the dinner table, Walmart is a company that is, truly, changing people’s lives,” said Simon. “It’s been an honor to work for Walmart over the past eight years, and this felt like the right time to move on and focus on my next opportunity. I look forward to helping the company as much as I can over the next six months.”

The company will announce Foran’s successor as President and CEO of Walmart Asia at a later date.

 

*  *  *

Nice work if you can get it...

  • *WAL-MART: FORAN TO GET ANNUAL SALARY $950,000
  • *WMT'S FORAN ELIGIBLE FOR INCENTIVE PAYMENT 240% OF BASE SALARY
 

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Thu, 07/24/2014 - 09:17 | 4997487 LetThemEatRand
LetThemEatRand's picture

“Whether we’re helping associates earn more for their families by getting them on foodstamps and other taxpayer funded assistance or providing customers affordable prices by outsourcing literally everything to the cheapest labor market possible so they can put something that by outward appears is food on the dinner table, Walmart is a company that is, truly, changing people’s lives,” said Simon.

There, fixed it for him.

Thu, 07/24/2014 - 09:29 | 4997525 caShOnlY
caShOnlY's picture

Bill SImon didn't read the memo and must now be punished for it:  Truth is treason in the Empire of lies

Thu, 07/24/2014 - 09:34 | 4997555 overmedicatedun...
overmedicatedundersexed's picture

greg must be very good at hiding the numbers and keeping ones public mouth closed, ego his china duty...bill just told some truth and out he is..it must be very-very bad economic fix we are in, if a little truth about UE gets a top CEO fired,

Thu, 07/24/2014 - 09:45 | 4997609 NoDebt
NoDebt's picture

Remember guys, it's ALWAYS OK to blame the weather.  It is NEVER OK to blame fictitious government numbers.

Thu, 07/24/2014 - 10:23 | 4997881 Fredo Corleone
Fredo Corleone's picture

"[ Foran, 53 ] A 35-year retail veteran..."

Thirty-five year "retail veteran," starting at age 18 ? I will have to push my resume back to those old high school days at Carl's Jr., adding a couple of years to my "veteran" status.

Thu, 07/24/2014 - 10:37 | 4997973 V in PA
V in PA's picture

He was either punished, or he already saw the writing on the wall, and took the opportunity to speak the truth.

 

If I knew I was getting fired/transition out of the company, I would speak a lot of truths.

Thu, 07/24/2014 - 12:25 | 4998793 Chief Wonder Bread
Chief Wonder Bread's picture

You clearly don't belong to the 'Club'.

 

 

 

FORWARD SOVIET!

Fri, 07/25/2014 - 09:33 | 5003099 THX1138HEDGE
THX1138HEDGE's picture

"It’s the same club they use to beat you over the head with all day long when they tell you what to believe. All day long, beating you over the head, and their media, telling you what to believe,.what to think, and what to buy." - The great late George Carlin 

https://www.youtube.com/watch?v=acLW1vFO-2Q

Fri, 07/25/2014 - 09:33 | 5003100 THX1138HEDGE
THX1138HEDGE's picture

"It’s the same club they use to beat you over the head with all day long when they tell you what to believe. All day long, beating you over the head, and their media, telling you what to believe,.what to think, and what to buy." - The great late George Carlin 

https://www.youtube.com/watch?v=acLW1vFO-2Q

Thu, 07/24/2014 - 13:22 | 4999130 kchrisc
kchrisc's picture

"He was either punished, or he already saw the writing on the wall, and took the opportunity to speak the truth."

I don't think he was trying to warn anyone. I believe that he saw the graffiti on the wall, didn't want to ride the ship down and so spoke truth to power so he would get "fired" with severance and all instead of resigning with less.

Funny thing was, I thought that when I was reading his comments on the economy, and two-weeks later he's out. LOL

Fri, 07/25/2014 - 04:22 | 5002545 SF beatnik
SF beatnik's picture

Walmart is now such a big chunk of the US economy that it's CEO has to abide by the same unwritten free speech limitations that apply to the NYT and the WSJ. 

Walmart was let off easy, this time.

Thu, 07/24/2014 - 10:40 | 4998025 SWRichmond
SWRichmond's picture

There was an article in the local paper last night that said that more than two-thirds of this state's school districts had enough students living in poverty to qualify the district for federal breakfast and lunch programs for kids.

What fucking jobs?  What fucking recovery?  What fucking planet are these people on?

Thu, 07/24/2014 - 11:31 | 4998421 FreedomGuy
FreedomGuy's picture

I was at a restaurant last night enjoying a simple little birthday celebration. Of the three guys there and all of us are probably about six figure guys. One had lost his job and was struggling to find new work. He said he was usually prepared but this one caught him unprepared. I see the writing on the wall at my company and need to float resume's. The third guy was a financial advisor which I thought was interesting. Odds are he will not be selling us any new investments.

My point is that what you see in your own personal experience is probably more accurate than the government data.

The flip side is as more people lose work or at lease go flatline to negative on income the draw on government programs grows proportionally. That does not include the new flood of poor illegal immigrants swamping the southern borders as we speak. They get free stuff, too.

Thu, 07/24/2014 - 12:51 | 4998939 corporatewhore
corporatewhore's picture

So many ex-butchers are now financial planners.  I'm skeptical of that expertise.

Fri, 07/25/2014 - 04:26 | 5002548 SF beatnik
SF beatnik's picture
The lies must continue until the Great Wealth Transfer has been completed. So eat it, little ones.
Thu, 07/24/2014 - 10:12 | 4997806 Vendetta
Vendetta's picture

Indeed, the punishment will be to go forth and live life on the millions he has been paid and to cash out his stock options package at any time he wishes.  If only we were all punished like ol Bill.

Thu, 07/24/2014 - 10:17 | 4997844 Cathartes Aura
Cathartes Aura's picture

I'm sure Greg Foran's time served as WallyWorld's CEO CHINA will continue to exploit the imports of China manufactured "fud" into amrkn mouths.

China buys Smithfields pork

Crazy Pig Diarrhea Epidemic May Ruin Your Dinner Plans

where was your chicken choked?

Is China allowed to process U.S. chicken?

Yes. In August, USDA reaffirmed that China’s processing system in equivalent to ours. This wasn’t exactly news since China’s processing had been established as equivalent back in 2006. But, regardless of the timing, it means that poultry raised and slaughtered in the U.S. or another approved source (Canada or Chile) could be shipped to China where it’s processed and then shipped back to the U.S.

 

nom nom amrka!

Thu, 07/24/2014 - 12:58 | 4998995 junction
junction's picture

Did Walmart assign a security guard to accompany Bill Simon as he cleaned out his desk?  Does Walmart follow the Chicago method, have high level appointees sign an undated letter of resignation before the get the job?  Obama must have blown his top when he read of Simon's comments describing the Great American Economic Disaster.

Thu, 07/24/2014 - 19:36 | 5001393 BeetleBailey
BeetleBailey's picture

Fuckbama? Read?

Doubtful.

More like some asshole on his staff did, and mentioned it to Barry whilst he was getting his peanut balls washed on the course...or in the steam room....

or not....

 

Thu, 07/24/2014 - 13:11 | 4999077 KnuckleDragger-X
KnuckleDragger-X's picture

Sam Walton must be spinning at several thousand RPM by now....

Thu, 07/24/2014 - 09:20 | 4997492 DavidC
DavidC's picture

Woolworths.

Hmm, what happened to them?

DavidC

Thu, 07/24/2014 - 09:48 | 4997626 NoDebt
NoDebt's picture

That he kept that dog of a retailer going in Australia for a DECADE or more past it's US counterpart's demise probably means something.  Kinda like if he came from Radio Shack (which is still in business, as far as anyone knows), it would mean something.  WHAT it would mean, I have no idea.

Thu, 07/24/2014 - 09:22 | 4997497 WTFUD
WTFUD's picture

This new guy sounds so fucking great i wanna work for Wallymart. s/

Thu, 07/24/2014 - 09:22 | 4997500 exi1ed0ne
exi1ed0ne's picture

Declining product quality, rampant inflation, primary customer base poor transitioning to serf class and middle class transitioning directly to serfs while still being the tax donkeys - all these things can be cured through top management shuffles and new excel spredsheet templates for the MBAs?  Smartest in the room - gigglesnort.

Thu, 07/24/2014 - 09:29 | 4997530 pods
pods's picture

They are thinking up the new acronym already!

pods

Thu, 07/24/2014 - 09:34 | 4997553 MachoMan
MachoMan's picture

University of Arkansas at Fayetteville is Wal-Mart's incubator...  they built a replica of harvard business school so wallyworld can have a nice place to train the scores of MBAs being spit out every year.  They also hire ~5% of each graduating law school class (not the top recruits, who go work for prestigious firms mind you).  Pretty sure that a material portion of the MBA course work is directly done with walmart...  Not the best and brightest, but walmart gets them early and often...

Fri, 07/25/2014 - 04:33 | 5002555 SF beatnik
SF beatnik's picture

Not beyond question that these local yokals have a lot more common sense and, uh, down home values, than their Harvard counterparts. 

I suspect many Harvard MBAs would consider humble Walmart infradig.

Thu, 07/24/2014 - 09:23 | 4997503 Buckaroo Banzai
Buckaroo Banzai's picture

Bringing in the guy from Walmart China. I guess that tells you everything you need to know about what Walmart's board thinks of the future of the US market.

Plus, you also want the guy who has hands-on experience working under a Communist government.

Thu, 07/24/2014 - 09:23 | 4997510 pods
pods's picture

Been to a Walmart lately?

Ain't a whole lot of fresh food being bought.  The aisle to asswidth ratio has been doing a Baumgartner. 

Sales are down because they had to make the aisles bigger to allow two way traffic.

Think of it like trying to drive two Escalades down the same street in an old European town.

pods

Thu, 07/24/2014 - 09:27 | 4997518 BurningFuld
BurningFuld's picture

"Been to Walmart lately?"  No.

Thu, 07/24/2014 - 09:31 | 4997537 Dr. Richard Head
Dr. Richard Head's picture

I really hate going into that store, but sometimes I have to.  Every fricking time I do, I end up in the aisle blocked by two phatties in motorscooters.  AHHHHHHH!!!!!!

Thu, 07/24/2014 - 09:42 | 4997585 The Most Intere...
The Most Interesting Frog in the World's picture

Stop mocking the "disabled"!

Thu, 07/24/2014 - 09:48 | 4997629 RaceToTheBottom
RaceToTheBottom's picture

I bet both carts were working.....

Thu, 07/24/2014 - 09:42 | 4997598 MachoMan
MachoMan's picture

I used to try and get carts with the clanky wheels just so people can hear me coming and get the fuck out of the way.  Well, that's good in theory, but when the fatty has fat over her ears and couldn't hear a freight train next to her (or is high as hell), then it isn't much help.  Sometimes I'll just sit there and see how long it takes them to realize I'm waiting on them, and I don't think hardly any would if I didn't say something.  Virtually everyone is polite upon learning they're wasting others' time, but that doesn't change the fact that they're pretty much in a different world. 

Thu, 07/24/2014 - 09:48 | 4997632 corporatewhore
corporatewhore's picture

was the fatty fat buying a small dinner salad?

Fri, 07/25/2014 - 04:37 | 5002559 SF beatnik
SF beatnik's picture

The aisles now have to accomodate golf carts to haul around the supersized asses of people who have been eating the GMO food that Walmart has been selling.

Thu, 07/24/2014 - 09:28 | 4997519 Its_the_economy...
Its_the_economy_stupid's picture

foot traffic way down in WMT. I see it very friday at 3PM. Been do the WMT slog for 3 years w my aging mother who insists on buying catfood there (and only catfood).

Thu, 07/24/2014 - 09:28 | 4997521 NOZZLE
NOZZLE's picture

WalFart's vegetable prices are equal to or more than Jewel and of a similar quality namely sheeeet.  Which explains why where I'm from in Illinois Aldi is popping stores right across the highway from every Walmart where they can.  

WalFart beef is what's not for dinner, the cuts look like they were chopped off a sick cow by some filth wetback in a dirty meat locker and taste like the cow was tortured for an hour before it was executed.

Thu, 07/24/2014 - 09:46 | 4997613 MachoMan
MachoMan's picture

Yep.  Walmart, via Sam's Club, offers a lot better quality produce at a much more competitive price, albeit in larger portions often times.  Other chains tend to have better quality produce though, sometimes at cheaper prices, but virtually always at least as expensive as walmart (alleged low cost leader).

As produce has increased in price, the local farmer's market has exploded in popularity.  Imagine that.

Thu, 07/24/2014 - 09:50 | 4997640 pods
pods's picture

Wow, Walmart is putting grillmarks on the steaks before you even cook it!

Oh wait, those are where the jockey was whipping it.

ht/ Rodney Dangerfield

pods

Thu, 07/24/2014 - 12:53 | 4998945 Ariadne
Ariadne's picture

Those are tread marks. 

Thu, 07/24/2014 - 09:28 | 4997524 Yes_Questions
Yes_Questions's picture

Welcome to the show Greg

Thu, 07/24/2014 - 09:32 | 4997535 Bill of Rights
Bill of Rights's picture

Walmart's press release explains that the new CEO has "a passion for fresh food" and is "one of the most talented retailers ever met.

 

 

LMAO this must be this new CEO's Obama moment IE: Smartest president we ever had

 

Thu, 07/24/2014 - 09:32 | 4997540 Salah
Salah's picture

Simon didn't get the axe for anything he said in any interview; corporate boards need leaders that are realists.  The guy's gone for some other reason....probably some competitive threat he didn't see, or some obvious failure to execute on some opportunity.  

Thu, 07/24/2014 - 09:44 | 4997604 Toolshed
Toolshed's picture

"corporate boards need leaders that are realists."

ROFLOL!!!

Thu, 07/24/2014 - 10:04 | 4997736 Buckaroo Banzai
Buckaroo Banzai's picture

A realist doesn't talk like a realist when it's for public consumption.

Thu, 07/24/2014 - 13:00 | 4999005 Ward no. 6
Ward no. 6's picture

rubbish

Fri, 07/25/2014 - 04:39 | 5002563 SF beatnik
SF beatnik's picture

I suspect the Waltons got a phonecall from the NSA. (Minutes after the NSA got a phone call from the controllers.)

Thu, 07/24/2014 - 09:33 | 4997548 pathetic looser
pathetic looser's picture

in today's economy higher number of jobs is a good thing , it = growth and bla,bla,bla.  as a humanity shouldn't we be interested in having as less ''jobs'' as possible?

Thu, 07/24/2014 - 09:37 | 4997561 BeetleBailey
BeetleBailey's picture

I go the local WalFuck weekly.

More adipose cells in one building...jesus H.

China shit. Picked over lousy "fresh food", and shitty meats. I mean....shitty.

Fat assholes clogging the lanes. Cheap shit all over.

I buy American made products. Newman's Own as an example - excellent prices.

I try to go late at night, when all the fat asses and dregs are not in the store.

Aldi - better prices and produce.

Fuck WalShit

Thu, 07/24/2014 - 09:51 | 4997650 MachoMan
MachoMan's picture

Wednesday nights and sunday mornings are pretty solid due to the church crowd being absent.  The only problem with weekend trips (sunday) is stocking...  which may or may not have kept up with demand the prior day.

Fri, 07/25/2014 - 04:42 | 5002565 SF beatnik
SF beatnik's picture

Gosh.  I bet millions of Americans have no choice but to go to Walmart for most of their groceries. 

 

Thu, 07/24/2014 - 09:37 | 4997563 dbTX
dbTX's picture

Greg's passion for fresh food will no doubt draw in the SNAP card users by the droves.

Thu, 07/24/2014 - 09:37 | 4997566 Seasmoke
Seasmoke's picture

Passion for fresh food and stale lies. 

Thu, 07/24/2014 - 09:38 | 4997570 orangegeek
orangegeek's picture

going to walmart reminds me of all the shit I don't need

Thu, 07/24/2014 - 10:17 | 4997846 F.A. Hayek
F.A. Hayek's picture

going to walmart reminds me of all the shit that i'm not going to buy at walmart. or at all, for that matter, until the current administration stops occupying the people's white house.

Thu, 07/24/2014 - 09:45 | 4997611 Spastica Rex
Spastica Rex's picture

Fresh food? Meh.

Thu, 07/24/2014 - 12:52 | 4998940 Ariadne
Ariadne's picture

Fresh® Food™

Thu, 07/24/2014 - 09:48 | 4997628 Pumpkin
Pumpkin's picture

Like we needed another reason NOT to go to Walmart?  The Bible said that those who seek the truth will be ridiculed.

Thu, 07/24/2014 - 09:49 | 4997639 Da Yooper
Da Yooper's picture

“His passion for fresh food,

 

Provided it is GMO

 


Thu, 07/24/2014 - 09:50 | 4997641 TabakLover
TabakLover's picture

NSA 1, WalMart CEO 0.   However, I doubt 'ole Bill will be checking directly into the poor house.

Thu, 07/24/2014 - 09:59 | 4997702 Shizzmoney
Shizzmoney's picture

If you can't lie, you don't belong in corporate America.  

It's gonna be fun when this thing burns down

Thu, 07/24/2014 - 10:39 | 4998015 Comte d'herblay
Comte d'herblay's picture

This is your brain on Wal-Mart:

http://www.retailhellunderground.com/.a/6a00e54f10a0988834017c3348f44697...

 

B 4 we get all teary-eyed at Simon being let go, let's see his severance package, please.  

 

Thu, 07/24/2014 - 10:47 | 4998084 TheABaum
TheABaum's picture

WalMart is rapidly becoming what the old "GUM" stores were to the Soviet Union. Cheap, not inexpensive and very much an appendage of the state.  

Thu, 07/24/2014 - 10:59 | 4998180 Otto Zitte
Otto Zitte's picture

If the outgoing CEO of Walmart's dead corpse was sodomized by the angry mob that killed him, I would undertstand.

Thu, 07/24/2014 - 11:13 | 4998293 NoWayJose
NoWayJose's picture

Just make sure that your 'fresh food' at Walmart has time to 'thaw' before serving it....

Thu, 07/24/2014 - 11:18 | 4998319 Chuck Knoblauch
Chuck Knoblauch's picture

Bill Simon still has his integrity.

Beware the pink slime.

It's name is Foran.

Thu, 07/24/2014 - 12:49 | 4998929 Ariadne
Ariadne's picture

Stay out of WelfareMart. You're just subsidizing your own enslavement.

Thu, 07/24/2014 - 13:15 | 4999103 kchrisc
kchrisc's picture

"You can question the government, so long as you come to the same conclusions."

Do NOT follow this link or you will be banned from the site!