Wal-Mart Stores, Inc. (NYSE:WMT)’s ex- Tom Mars Will Lead Steadman Philippon Research Institute And Clinic

Wal-Mart Stores, Inc. (NYSE:WMT)’s ex- general counsel has appointed on executive seat in a sports-medicine clinic and foundation back by various wealthy benefactors, such as the Wal-Mart director and Walton family.

According to a statement on the sports-medicine clinic’s website, Tom Mars became CEO of sports clinic and foundation generally known as the Steadman Philippon Research Institute and the Steadman Clinic, last month. The clinic which mostly treat hundreds of professional and Olympic athletes has offices in Edwards, Vail and Frisco, and specializes in orthopedic medicine.

Mr. Mars left the retailer giant in last March; his departure from the company was a result of an email received to company CEO Mike Duke, by two members of Congress that the company executives in Mexico were corrupt. According to the reports, the retailer staff at Mexico is purportedly bribing the local officials in order to speed up the expansion efforts in Mexico. This issue is still under investigation by U.S. Securities and Exchange Commission and U.S. Department of Justice, and the retailer has also revealed that it is collaborating with both the authorities in their inquiries.

The foundation which was founded by Dr. J. Richard Steadman in 1988, has contribution from Wal-Mart board two members, as well as Alice Walton, who is daughter of the retailer’s founder Sam Walton and his sister, has so far donated at minimum $100,000 or at maximum $500,000 to the foundation. The 2011 yearly report of donor list from the foundation also said Douglas Daft , who is the US top retailer’s board member has contributed approximately $100,000 to the foundation. While other contributor include the computer company founder Michael Dell, Herbert Allen who is investment banker and Chief Executive Officer of Trian Fund Management Nelson Peltz.

According to the statement release by Steadman, Tom’s executive experience, leadership and integrity capabilities will make him the perfect candidates to lead both the Steadman Philippon Research Institute as well as the Steadman Clinic. Wal-Mart Stores, Inc. (NYSE:WMT) share up 0.58% to $77.96 in last trading session.