O'Leary Ventures President Kevin O'Leary joins “The Big Money Show” to comment on Walmart's decision to back out of its DEI plans and President-elect Donald Trump's promise to raise tariffs on Mexico, China and Canada.
Walmart's decision to Consider diversity, equity and inclusion DEI's plans have been widely celebrated by conservatives, but some Democratic stakeholders and officials are pushing back.
The retail giant joined a growing list of companies scaling back DEI initiatives in November, following similar moves by big names including Harley-Davidson, John Deere, and Tractor Supply. McDonald's, Amazon, Meta and American Airlines have also since announced changes to their DEI policies as more companies follow suit.
While some investors welcome Walmart's move as a step in the right direction, others are urging the retailer to reconsider ditching DEI. In a letter to Walmart CEO Doug McMillon, a group of more than 30 people Walmart Inc Shareholders representing more than $266 billion in combined assets asked the company to explain the business impact of abandoning DEI initiatives, which Bloomberg initially called “disheartening.” It has been reported.
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Walmart unveiled its first logo redesign in nearly two decades on Monday. (Walmart Inc.)
“It is very disappointing to see the company abandon its stated values and the business opportunities associated with a diverse and inclusive workforce.” The signatories wrote Additionally, Walmart has not provided a financial or business case for this policy change, but the company has identified the advancement of 'belonging, diversity, equity and inclusion' as one of the four priority ESG themes that are the 'biggest It offers the potential for Walmart to co-create. value.”
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The shareholders, which include Amalgamated Bank, advocates for Investors for Social Justice and Mercy Investment, accused the retail giant of “bullying and pressure from anti-DEI groups” while ignoring calls “to address the risks associated with racial inequality from A significant number of its shareholders in the last two proxy seasons.
The investors requested a meeting with Walmart's senior leadership and asked them to consider recommitting to “DEI's strategies and programs that help reduce bias and systemic barriers, create inclusive workplaces and advance the best talent.” .
An employee collects shopping carts at Walmart, July 22, 2020 in Burbank, California. – The most populous state of this country reported a record of 12,807 new cases of corona virus in the last 24 hours. (Robin Beck/AFP via Getty Images)/Getty Images)
A group of 13 Democratic state attorneys general expressed similar sentiments in a separate segment A letter was sent to McMillan A day later, the signatories, which include the attorneys general of New York, New Jersey, Maryland, Nevada, Rhode Island, Hawaii, Vermont, California, Minnesota, Maine and Connecticut, asked the retailer to explain how it protects civil rights in the workplace. Protects and was punished. Walmart's decision to withdraw from DEI policies.
Threats of boycotts, lawsuits, or a negative impact on Walmart's revenue may have contributed to your decision to abandon your DEI obligations. But we worry that Walmart didn't consider the other side — the customers and employees who will be alienated. With this departure,” they wrote.
“These changes are bad for Walmart's business and customer base, including those in our states,” the letter continued. In particular, in light of your previous statements regarding the critical values of diversity and inclusion, we ask that you reconsider your announced changes.
When reached for comment, Walmart told Fox Business, “We are the same company with the same values with the same commitment to creating a sense of belonging for all of our associates, customers and members. We are focused on creating a Walmart for everyone. And to We will continue to strengthen this commitment through our actions.”
CEO of Walmart US and President John Furner He similarly defended the move during an appearance on “CBS Mornings” in November after the nation's largest retailer confirmed it was making a number of changes, including removing sexual and transgender products from third-party merchants that sell to It sells inappropriately for children from its online marketplace.
It also announced that Walmart would stop funding the Center for Racial Equality, a nonprofit that Walmart launched in 2020 as a five-year initiative, and remove the terms “LatinX” and “DEI” altogether from official communications. will do
A Walmart store in Florida, United States is seen on May 6, 2024. (Photo by Jakub Porzycki/NurPhoto via Getty Images) (Jakub Porzycki/NurPhoto via Getty Images/Getty Images)
“Like many companies across the United States, we've been on a journey.” Furner said “We're going to continue our journey. And what we want to do is make sure that every customer, every partner here in the store feels welcome and feels like they belong.”
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Walmart will also no longer participate in the Human Rights Campaign's Corporate Equality Index, a report that ranks U.S. businesses based on their policies toward LGBTQ employees.
Fox Business' Christian Parks contributed to this report.