O’Leary Ventures President Kevin O’Leary joins The Big Money Show to weigh in on Walmart’s decision to roll back its DEI initiatives and President-elect Donald Trump’s pledge to increase tariffs on Mexico, China and Canada.
Walmart’s decision to scale back its Diversity, Equity and Inclusion (DEI) programs has been widely celebrated by conservatives, but some Democratic shareholders and officials disagree.
The retail giant joined the growing list of companies scaling back DEI initiatives in November after similar moves from big names including Harley-Davidson, John Deere and Tractor Supply. McDonald’s, Amazon, Meta, and American Airlines have also since announced a change to their DEI policies as more companies follow suit.
While some investors hailed 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 Walmart Inc shareholders, representing more than $266 billion in combined assets, asked the company to explain the business impact of abandoning its DEI initiatives, describing the reversal as “ “Disheartening,” Bloomberg First I mentioned.
Will Dai die? Here is a list of companies that have rolled back their “woke” policies
Walmart unveiled its first logo redesign in nearly two decades on Monday. (Wal-Mart Inc.)
“Seeing a company retreat from its stated values and job opportunities associated with a diverse and inclusive workforce is extremely disheartening,” he added. The signatories wrote. Additionally, Walmart did not make a financial or business case for this policy change, but the company has identified advancing “belonging, diversity, equity, and inclusion” as one of four priority ESG issues that “offer the greatest potential for Walmart to create shared engagement.” “. value.”
Ford is backing away from ‘woke’ DEI policies, joining a growing list of American companies
The shareholders, which include Amalgamated Bank, Investor Advocates for Social Justice and Mercy Investment, accused the retail giant of giving in to “bullying and pressure from anti-DEI groups” while ignoring requests to “address risks associated with racial inequality from a large number of people.” Its shareholders in the past two seasons are acting.”
The investors requested a meeting with Walmart’s senior leaders, urging them to consider recommitting to “DEI strategies and programs that help reduce bias and systemic barriers, create inclusive workplaces, and develop top talent.”
An employee collects shopping carts at Walmart, July 22, 2020, in Burbank, California. – The country’s most populous state reported a record 12,807 new coronavirus infections in the past 24 hours. (Robin Beck/AFP via Getty Images) / Getty Images)
A group of 13 Democratic state attorneys general expressed similar sentiments in a separate hearing The letter was sent to McMillon After one day. The signatories, who include attorneys general in New York, New Jersey, Maryland, Nevada, Rhode Island, Hawaii, Vermont, California, Minnesota, Maine and Connecticut, asked the retailer to explain how it would protect and punish civil rights in the workplace. Walmart’s decision to roll back DEI policies.
“Threats of boycott, prosecution, or adverse impact on Walmart’s bottom line may have contributed to your decision to abandon your DEI obligations. But we are concerned that Walmart failed to consider the flip side — the customers and employees who will be alienated by this departure,” they wrote.
“These changes are harmful to the business, and to Walmart’s customer base, including customers located in our states,” the letter continues. “Particularly given your previous statements about the critical values of diversity and inclusion, we urge you to reconsider the changes you have announced.”
When reached out to Walmart for comment, Fox Business said: “We are the same company with the same values and 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.” We will continue to reinforce this commitment through our actions.”
Likewise, Walmart US CEO and CEO John Forner defended the move in November during an appearance on “CBS Mornings” after the country’s largest retailer confirmed it would make a number of changes, including removing sexual products. and transgender women from third-party merchants who are inappropriately marketed to them. Children from its online market.
It also said Walmart would stop funding the Center for Racial Equity, a nonprofit launched by Walmart in 2020 as a five-year initiative, and would get rid of the terms “LatinX” and “DEI” entirely in official communications.
A Walmart store is seen in Florida, USA, on May 6, 2024. (Photo by Jakub Purzycki/Noor Photo via Getty Images) (Jakub Purzycki/Noor Photo via Getty Images/Getty Images)
“Like many companies across the United States, we have been on a journey,” Forner said of the shift. “We’re going to continue on this journey. What we’re trying to do is make sure that every customer and every associate feels welcome here in the store and feels they belong.”
Get FOX Business on the go by clicking here
Walmart will also not participate in the Human Rights Campaign’s Corporate Equality Index, a report that rates U.S. companies based on their policies toward LGBTQ employees.
Fox Business’ Kristin Parks contributed to this report.