Walmart Inc. President and CEO C. Douglas McMillon saw his total compensation increase about 2 percent to $22.8 million for the fiscal year that ended Jan. 31 compared with the previous year.
McMillon, who has been head of the Bentonville retailer since February 2014, received stock awards of $15.7 million during the fiscal year, according to the company’s annual proxy McMillion received a $4.7 million bonus.
The company set 10 a.m. May 30 as the date for its annual shareholders’ meeting, which, in a change from previous years, will be held at the John Q. Hammons Center in Rogers. An Associates/Shareholders Celebration will be held at 8 a.m. on June 1 at the Bud Walton Arena at the University of Arkansas at Fayetteville.
The proxy also showed that M. Brett Biggs, Walmart’s chief financial officer, had total compensation of $7.6 million, an increase of 18.5 percent from the previous year. He had a base salary of $871,087, stock awards of $4.2 million and a bonus of $2 million.
Gregory Foran, president and CEO of Walmart U.S., received $11. million in total compensation, down from $11.5 million the previous year. His base salary slightly increased to $1.05 million. He received stock awards valued at $6.8 million, up from $6.6 million the previous year. His bonus was $2.9 million.
John R. Furner, president and CEO of the Sam’s Club division, had a compensation package worth $12.8 million. His base salary is $780,827, and he received $9.8 million in stock options and a $1.7 million bonus. This is the first time Furner appeared on the list of named executives.
Marc Lore, president and chief executive officer of Walmart eCommerce U.S., had a total compensation of $10.2 million for the fiscal year, which is more in line with the other named executives and not the outlier that he had last year.
For fiscal 2017, Lore had a total compensation package of $243.9 million, but nearly all of that was tied to stock awards after the online retailer he helped found, Jet.com of Hoboken, New Jersey, was sold to Walmart in August 2016 for $3.3 billion. The stock, however, will vest over several years and is subject to certain conditions. Without the restricted stock shares, Lore’s fiscal total compensation package would have been about $7.6 million, the company reported to the SEC.
Board Changes
The Walmart board has nominated Steve Easterbrook, 50, who has been president and CEO of McDonald’s Corp. since March 2015, to become a new director.
Dr. James I. Cash Jr., 70, who joined the board in 2006, has announced his retirement from the board. He was on its committees for technology and e-commerce; audit; executive; and nominating and governance, where he was the chair.
Kevin Y. Systrom, 34, also said he won’t seek re-election to the board. He is the CEO and co-founder of Instagram and joined Walmart’s board in 2014.
Walmart’s board also recommends that shareholders approve hiring Ernst & Young LLP as the company’s accountants for the fiscal year that ends Jan. 31.The New York accounting firm earned $24.4 million in fees in Walmart’s fiscal year, up from $22.4 million the previous year.