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Walmart's CEO On Racial Equality, Stimulus Talks

The Business Roundtable will release a report on Thursday that focuses on what the business community can do to address racial equality, roundtable chairman and Walmart Inc (NYSE: WMT) CEO Doug McMillon said on

· 10/15/2020 11:55

The Business Roundtable will release a report on Thursday that focuses on what the business community can do to address racial equality, roundtable chairman and Walmart Inc (NYSE:WMT) CEO Doug McMillon said on CNBC's "Squawk Box."

'A More Equitable System': The association of leading CEOs has a better understanding of how the business community can create "a more equitable system," McMillon said.

The Walmart CEO is leading change at his company by enacting new hiring practices; how it handles promotions; and with pay equity, he said.

At the higher management level, Walmart is reexamining its board of director composition and management structure so the whole entity "looks like America," the CEO said. 

Related Link: Walmart Details 'Revamped' Holiday Plans: 'Black Friday Deals For Days'

The organization spent the last few months speaking with over 100 experts, but there is still a lot more work to do, McMillon said.

The Thursday report should be seen as a starting point that will be improved on, he said. 

"We want to keep a spotlight on racial equity and keep the work moving forward."  

McMillon's Message To Mnuchin, Pelosi: Both Secretary of the Treasury Steve Mnuchin and Speaker of the House Nancy Pelosi should be reminded there are many Americans that need their help, McMillon said.

The Trump cabinet member and House leader on opposing sides of the aisle need to "get something done" and launch a stimulus deal — and "make adjustments" when and if needed, he said. 

"Doing nothing is not the first and best option." 

Small-and-medium-size businesses and mom-and-pop shops are suffering the most, as opposed to larger companies that have the necessary resources to weather the economic challenges posed by the pandemic, the Walmart CEO said. 

"From a societal point of view, that's part of what we love living in this country is how vital small business is," he said.

Walmart CEO Doug McMillon. Courtesy photo.