Walmart Under Fire From Investors for Cutting DEI Programs

(Bloomberg) — A group of more than 30 shareholders representing $266 billion in funds has asked Walmart Inc. to explain its business case for retreating on diversity, equity and inclusion initiatives, describing the decision as “disheartening.”

In a letter to Chief Executive Officer Doug McMillon, shareholders including Amalgamated Bank and Dominican Sisters of Grand Rapids, accused the world’s biggest retailer of giving into “bullying and pressure from anti-DEI groups.”