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At Wal-Mart, Doug McMillon’s Total Pay Rises to $19.8M

3 min read

Wal-Mart Stores Inc. President and CEO C. Douglas McMillon saw his total compensation increase 2.1 percent to $19.8 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 $14.3 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 performance goals.

Wal-Mart also said it is reducing the number of board members to 12 from 15.

The company set 8 a.m. June 3 as the date for its annual shareholders’ meeting, which will be held at the Bud Walton Arena at the University of Arkansas at Fayetteville.

Three of the top Wal-Mart executives saw their total compensation fall in fiscal 2016.

Gregory Foran, CEO of Walmart U.S., received $11.5 million in total compensation. His base salary increased 15.3 percent to $976,334.

Foran had the highest total compensation on Arkansas Business’ highest-paid executives list last year with $19.5 million. But most of that total compensation — $15.8 million — stemmed from stock award as a result of the timing of being named CEO of Walmart U.S. in August 2014.  

Rosalind Brewer, president and CEO of Sam’s Club, saw her total compensation fall from $9.56 million to $8.45 million for the fiscal year that ended Jan. 31.

Brewer took home a base salary of $921,202, which was up from $893,819 the previous year. But her stock awards of $5.6 million in fiscal 2015 declined 16.8 percent from the previous year. Her cash incentive increased, though, from $1.7 million for fiscal 2015 to $1.8 million.

David Cheesewright, an executive vice president who is Walmart International’s president and CEO, saw his total compensation take a slight dip from $10.7 million to $10.2 million. 

While his base salary declined from $1.15 million to $1.03 million, it’s only because he is paid in Canadian dollars. And the average exchange rate between the Canadian and U.S. dollar declined from the previous year.

Neil Ashe, executive vice president, had a total compensation of $10.8 million for the fiscal year that ended Jan. 31. That was up 14.8 percent from the previous year. 

Ashe is the president and CEO of Global eCommerce and Technology for Wal-Mart Stores. His base salary climbed  7 percent to $1 million and his stock awards increased 12.8 percent to $7.5 million. His incentive pay increased 28 percent to $2.1 million in fiscal 2016.

Charles M. Holley Jr., who was executive vice president and CFO, saw his total compensation fall 59 percent to $3 million. His base salary increased to $942,112 from $885,165. But he didn’t receive any stock awards in the fiscal year. He announced in October that he was retiring at the end of 2015.

M. Brett Biggs, executive vice president and CFO, replaced Holley. This is Biggs’ first appearance in the proxy as a named executive officer. 

Biggs’ total compensation was $8.6 million. He has a base salary of $623,126, stock awards of $6.9 million and a bonus of $924,965.

Board Changes

The Wal-Mart board has nominated Steuart L. Walton, who is the grandson of the late Sam Walton, the company’s founder. 

Since 2013, Steuart Walton, 34, has been the CEO and founder of Game Composites Ltd., a company that designs and builds small composite aircraft, according to the proxy. He is a graduate of Georgetown University Law Center. 

Steuart Walton is the son of Jim Walton, who is the chairman and CEO of Arvest Bank Group Inc. of Bentonville.

Jim Walton has been on Wal-Mart’s board since 2005 but will not seek re-election.

Others not seeking re-election are Aida Alvarez and Roger Corbett, who have have been on the board since 2006; and the former Wal-Mart CEO Michael Duke, who has served on the board since 2008.

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