Michael T. Duke, president and CEO of Wal-Mart Stores Inc. of Bentonville, saw his total compensation increase 14.1 percent to $20.7 million for the fiscal year that ended Jan. 31 as compared with the previous year.
Duke also realized another $7.1 million when he exercised options on 360,335 shares of the company's stock in fiscal 2013, according to the company's annual proxy statement filed with the U.S. Securities & Exchange Commission. His base salary climbed from $1.2 million to $1.3 million in fiscal 2013, and he received a cash incentive of $4.4 million, up from $2.9 million the previous year.
The company set 7 a.m. June 7 as the date for its annual shareholders' meeting, which will be held at the Bud Walton Arena at the University of Arkansas at Fayetteville.
Shareholders will be asked to re-elect 14 of the 17 current members of the board of directors. M. Michele Burns, who began serving in 2003, James W. Breyer, who began serving in 2001, and Arne M. Sorensen, who joined the board in 2008, are rotating off the board and no replacements have been nominated.
Shareholders also will be asked to vote to continue to use Ernst & Young LLP as the company's outside auditor. E&Y was paid $18.7 million in fiscal 2013, up from $15.1 million from a year earlier.
Shareholders' proposals include asking the board of directors to adopt a policy of electing a board chairman who is "independent" and has not served as an executive office of the company. The board recommends shareholders reject the proposal.
Pay of Other Executives
Charles M. Holley Jr., executive vice president and CFO, saw his total compensation increase to $6.6 million for the fiscal year that ended Jan. 31 from $5.1 million the previous year. His base salary, however, only increased 2.8 percent to $752,002. He received stock awards worth $4.3 million, up from $3.3 million a year earlier, and a cash incentive of almost $1.25 million, up from $832,454.
The total compensation for William Simon, executive vice president, jumped from $8.4 million in fiscal 2012 to $11.2 million a year later. Simon's base pay climbed from $869,732 to $899,732 during that time, but his stock award grew by almost $500,000 and his cash incentive was $3.56 million, more than $2 million more than the previous year.
C. Douglas McMillion, executive vice president, had his total compensation dip from $11 million to $9.56 million in fiscal 2013. His base pay increased 2.8 percent to $929,748. The decrease was deen in his stock awards, which went from $8.5 million in fiscal 2012 to $6.5 million in 2013.
New on the list of top executives is Rosalind G. Brewer, who was promoted to an executive vice president position in February 2012. Her total compensation was $14.46 million. She took home a base salary of $801,992 and stock awards of $11.9 million in fiscal 2013.