Posted 4/23/2014 04:34 pm
Updated 6 months ago
C. Douglas McMillon, who became the president and CEO of Wal-Mart Stores Inc. of Bentonville on Feb. 1, saw his total compensation skyrocket 168 percent to $25.6 million for the fiscal year that ended Jan. 31 as compared with the previous year.
McMillon, who was an executive vice president during the fiscal year, received stock awards of $23 million during the fiscal year, according to the company's annual proxy statement filed with the U.S. Securities & Exchange Commission. The stock awards have not been paid yet, but they will be realized over three years if Wal-Mart hits certain goals.
Wal-Mart said in the report that it generally grants the stock awards to executive officers in January as part of their compensation for the upcoming year. Since Michael T. Duke, the former president and CEO had already announced that he was stepping down at the end of the company's fiscal year, he didn't receive stock awards.
The drop in stock awards caused Duke's total compensation to drop 72.7 percent to $5.6 million for the fiscal year that ended Jan. 31 as compared with the previous year. But he received another $2.9 million for exercising stock options in 2013. He was the only executive who exercised stock options during the year.
The proxy also said two longtime Wal-Mart directors, H. Lee Scott and Christopher J. Williams, would not seek re-election.
Scott, 65, is a former Wal-Mart CEO, leading the company from January 2000 to January 2009. He joined the board in 1999.
Williams, 56, joined the board in 2004. He's the chairman and CEO of The Williams Capital Group LP, an investment bank. Independent board members generally rotate off the board after 10 years of service.
The company set 7 a.m. June 6 as the date for its annual shareholders' meeting, which will be held at the Bud Walton Arena at the University of Arkansas at Fayetteville.
Nearly all of the company's other top executives saw their total compensations climb in fiscal 2014, mainly as a result of the stock awards. But the executives' cash bonus and performance stock payouts were down in fiscal 2014.
Charles M. Holley Jr., executive vice president and CFO, saw his total compensation increase to $8.2 million, up from $6.6 million the previous year. His base salary increased 5.5 percent to $793,617. He received stock awards worth $6.2 million, up from $4.2 million a year earlier and a cash incentive of $827,762, down from $1.2 million the previous year.
The total compensation for Bill Simon, executive vice president, jumped from $11.2 million in fiscal 2013 to $13.1 million a year later. Simon's base pay climbed from $899,732 to $939,684 during that time, and his stock awards grew by almost $2.5 million. His cash incentive dipped to $2.9 million from $3.56 million the previous year.
Neil Ashe, executive vice president, had a total compensation of $13.2 million for the fiscal year that ended Jan. 31. That was up 58 percent from the previous year. His base salary climbed 4.9 percent to $843,544 during that time and his stock awards jumped to $11.3 million from $5.7 million the previous year. But his incentive pay dipped 26 percent to $1 million in fiscal 2014.
Rosalind Brewer, an executive vice president, saw her total compensation fall from $14.46 million to $11.7 million for the fiscal year that ended Jan. 31. She took home a base salary of $843,544, which was up from $801,992 the previous year. But her stock awards of $9.2 million in fiscal 2014 declined nearly 24 percent from the previous year. Her cash incentive fell from $1.5 million in fiscal 2013 to $1.3 million for fiscal 2014.