* Named by NY Times report as a key figure in alleged
bribery
* Says must focus on family, reputation
* Sat on corporate responsibility committee
April 24 (Reuters) – Embattled Wal-Mart vice
chairman Eduardo Castro-Wright has resigned from the board of
MetLife, the largest life insurer in the United States,
the company said on Tuesday.
“Over the past weekend, I notified you of recent events that
will require my immediate and personal attention,” Castro-Wright
said in a letter to MetLife Chief Executive Officer Steve
Kandarian, a copy of which was filed with securities regulators.
“Accordingly, I now must focus my energy in spending
personal time with my family and in protecting my good name and
business reputation,” he added at the end of the letter.
Castro-Wright was named in a weekend New York Times report
as a key figure in an alleged foreign bribery scandal at
Wal-Mart.
Castro-Wright, who joined the board in March 2008 and whose
term was not due to expire until 2014, sat on three committees:
investment, compensation and governance and corporate
responsibility.
His 2011 compensation was $259,124 in cash and stock awards,
according to MetLife’s proxy. The company also paid premiums on
a $200,000 life insurance policy for him. He held nearly 17,000
MetLife shares as of March 1, the proxy noted.
MetLife shares rose nearly 0.5 percent to $35.55 in late
trading. The shares rallied in the minutes after the company
announced Castro-Wright’s departure.
