Wal-Mart's Castro-Wright quits MetLife board

Tue Apr 24, 2012 4:49pm EDT

1 of 2. A general view of a Wal-Mart store in Mexico City, April 24, 2012. Wal-Mart Stores Inc lost $10 billion of its market value on Monday on concerns that a bribery investigation in Mexico could be very costly and hinder its plans to grow. In a sign that the problem was widening for the world's largest retailer, two U.S. lawmakers said they were launching their own investigation into allegations in a New York Times article that Wal-Mart de Mexico had engaged in a multi-year campaign of bribery to build its business. In Mexico, the front-running presidential candidate, Enrique Pena Nieto, and lawmakers also called on local authorities to investigate. The banner reads, 'Low prices, every day, in everything'.

Credit: Reuters/Edgard Garrido

(Reuters) - Embattled Wal-Mart vice chairman Eduardo Castro-Wright has resigned from the board of MetLife, the largest life insurer in the United States, the company said on Tuesday.

"Over the past weekend, I notified you of recent events that will require my immediate and personal attention," Castro-Wright said in a letter to MetLife Chief Executive Officer Steve Kandarian, a copy of which was filed with securities regulators.

"Accordingly, I now must focus my energy in spending personal time with my family and in protecting my good name and business reputation," he added at the end of the letter.

Castro-Wright was named in a weekend New York Times report as a key figure in an alleged foreign bribery scandal at Wal-Mart.

Castro-Wright, who joined the board in March 2008 and whose term was not due to expire until 2014, sat on three committees: investment, compensation and governance and corporate responsibility.

His 2011 compensation was $259,124 in cash and stock awards, according to MetLife's proxy. The company also paid premiums on a $200,000 life insurance policy for him. He held nearly 17,000 MetLife shares as of March 1, the proxy noted.

MetLife shares rose nearly 0.5 percent to $35.55 in late trading. The shares rallied in the minutes after the company announced Castro-Wright's departure.

(Reporting By Ben Berkowitz; Editing by Gary Hill; editing by Carol Bishopric)

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Comments (4)
Harry079 wrote:
Snoops shoots down another big dog and adds another bone to his doghouse!

Apr 24, 2012 3:38pm EDT  --  Report as abuse
JamVee wrote:
If current and future, investigations, show him to be guilty, it might prompt large corporations, like Met Life, to tighten up their “Vetting” process for prospective board members. The sad thing is that there are no simple tests to see if a person was ever issued a “moral compass”, and, if so, was he smart enough to keep it, or did his blossoming ego prompt him to feel he didn’t need it anymore.

Apr 24, 2012 4:16pm EDT  --  Report as abuse
Snoopy4POTUS wrote:
MetLife is a shady company. I know this from personal experience. Don’t let that cute little Snoopy cartoon mascot fool you. Avoid them unless you enjoy being ripped-off.

Apr 24, 2012 7:14pm EDT  --  Report as abuse
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