Wal-Mart former vice chairman resigns

Wal-Mart Stores Inc former Vice Chairman Thomas Coughlin resigned as a director on Friday over a company probe into unauthorized use of corporate gift cards and personal reimbursements that has also been reported to federal prosecutors.

Coughlin, who still sat on three board committees, including one for strategic planning and finance, resigned at Wal-Mart's request in a disagreement over the matter, the company said in a Securities and Exchange Commission filing.

The world's largest retailer also said it had fired three employees, including one officer, over the probe involving an amount estimated at between $100,000 and $500,000.

A spokeswoman at Bentonville, Arkansas-based Wal-Mart declined to name the dismissed employees.

Efforts on Friday to reach Coughlin, who joined Wal-Mart in 1978 and was named vice chairman in 2003, were unsuccessful.

Wal-Mart said it had reported the matter to the U.S. Attorney for the Western District of Arkansas based on the findings of the investigation, including Coughlin's response to questions about his knowledge of certain transactions.

"The investigation relates to personal reimbursements, payment of third-party invoices and the use of company gift cards," Wal-Mart said in a statement. "There will be no adverse financial impact to the company in connection with this matter."

In the SEC filing, Wal-Mart said the items at issue "appear to have been obtained from the company through the reporting of false information on third-party invoices and company expense reports."