Wal-Mart said that an internal investigation had revealed that Coughlin had been “engaged in a scheme to misappropriate corporate funds and property for his own personal benefit”.
Coughlin has been stripped of his $12m retirement package as a result.
Meanwhile, Peter Kanelos, Wal-Mart’s PR manager for Arizona and Southern California, has resigned after creating an advert for the retailer which compared Wal-Mart to Nazi victims.
The ad featured an historic photo showing Nazi supporters throwing books into a large fire with the strapline “Should we let government tell us what we can read? Of course not, So why should we allow local government to limit where we can shop?”
The ad has since been withdrawn.