Posted on 02/20/2015 1:52:28 PM PST by Citizen Zed
Valerie Jarrett, senior adviser to the president, encouraged Wal-Mart executives to act in a meeting in Arkansas several months ago, said an official, who asked not to be named because the talks were private.
McMillon, who became CEO in February 2014 after a three decade career at the company, took an egalitarian tone in announcing the pay raises to employees on Thursday morning. McMillon began his own Wal-Mart career as a summer worker in 1984 at a distribution center.
"We're all associates," the 48-year-old said in an memo that was posted online. "Today's cashiers will be tomorrow's store or club managers. Today's managers are tomorrow's vice presidents. Tomorrow's CEO will almost definitely come from inside our company."
Department managers are also getting a bump, with starting wages for some of the positions going to $13 an hour this summer and $15 next year.
While the pay raises were seen as a victory by labor groups, investors were less enthusiastic. The extra labor costs, coupled with currency headwinds, will weigh on Wal-Mart's profit this year. The announcement sent the shares down 3.2 percent to $83.52, the biggest one-day decline in four months.
(Excerpt) Read more at chicagotribune.com ...
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