BENTONVILLE, Ark.; March 25, 2005 -- Following an internal company investigation, Thomas M. Coughlin has resigned from the Wal-Mart Board of Directors. The investigation relates to personal reimbursements, payment of third-party invoices and the use of company gift cards. Three Wal-Mart associates have been terminated in connection with the investigation, including one company officer.
Wal-Mart initiated the investigation on its own and has now referred the matter to the U.S. Attorney for the Western District of Arkansas. There will be no adverse financial impact to the company in connection with this matter.
At this time, the company will not comment beyond this statement.