Walmart’s CEO Doug McMillon announced the end of the Walmart Pharmacy Foundation’s leadership positions on Thursday, saying that the nonprofit has become a burden on the company’s bottom line and would be disbanded.
“Our charitable mission has grown to include all facets of Walmart’s pharmacy operations,” McMillon said in a statement.
“We’ve spent more than $1 billion on these initiatives and have been recognized as a leader in delivering results.
In the end, it’s time for us to move on and focus on making Walmart a better place to work and raise our kids.
Walmart is an employer of choice for our employees.
We want to thank all of our employees who have made this a priority for our organization and for Walmart.
I’m thankful for the passion and support of our partners and loyal customers who continue to make Walmart a place you can work and live a life that you love.
It’s a difficult decision to make, but I’m committed to making Walmart more accessible to everyone.
Over the years, I’ve learned so much about the power of people to help each other, and I believe the best way to do that is by giving back to the communities where we live, work and play.”
In a statement, the Walmart Foundation said that it would no longer support the nonprofit’s programs and programs would be ended in June 2019.
“Our philanthropic mission has expanded and evolved to include the work of all of Walmart stores,” the statement said.
“Our commitment to community service is what drives our work.”
According to the foundation, the foundation has contributed more than 4.7 billion dollars to help make Walmart more affordable for families and communities.
The charity said that Walmart stores have provided more than 23 million meals to children in more than 50 states and Washington, D.C. Since 2016, Walmart has also pledged $6.5 billion in charitable contributions.
McMillon said that while the foundation was a vital partner in Walmart’s charitable mission, he believed it was time for a change.
“I am grateful to Walmart and our partners for the incredible support they have provided our families and our communities,” he said.
McMillion said that he plans to work with the board of directors to make the changes necessary to make it work.
According to The New York Times, Walmart announced on Friday that the foundation will begin to liquidate its assets, including its corporate offices, by the end and will be sold off as part of a plan to sell off the company.