Walmart Inc. President and CEO Doug McMillon saw his total compensation increase 6.6% to $26.97 million for the fiscal year that ended Jan. 31 compared with the previous year.
McMillon, who has been head of the Bentonville-based retailer (NYSE: WMT) since February 2014, received stock awards of $19.6 million during the fiscal year, according to the company’s annual proxy statement filed Thursday with the Securities & Exchange Commission.
McMillon received a $4.5 million bonus. His salary was $1.5 million, an increase of from $1.47 million from Walmart’s previous fiscal year.
Most of McMillon’s total compensation includes the stock awards of $19.6 million, which has not yet been earned or paid but will be determined based on Walmart hitting its goals.
The annual total compensation of Walmart’s median employee was $27,642, a slight increase from $27,136, from the previous year. The ratio of McMillon’s total compensation to the median employee’s was 976-to-1.
For the fifth year in a row, a virtual annual shareholders meeting is scheduled for June 5 at 10:30 a.m.
Rob Walton to retire
In the proxy statement, Walmart announced that Rob Walton, the longest serving member on its board and eldest son of founder Sam Walton, will retire on June 5.
Rob Walton, 79, joined Walmart in 1969 and served more than 40 years on the board, including 23 as chair. The board nominated Brian Niccol, the chair and CEO of Chipotle Mexican Grill Inc., to replace him.
Board Chair Greg Penner said in a statement, “Walmart is the world’s leading omni-channel retailer. That’s a credit to our team today and to those who, over decades, helped to build and shape our company. One of those incredible leaders is Rob Walton, my father-in-law, who recently shared his decision not to seek re-election to our Board of Directors.
“His leadership has been critical as we’ve grown our business over so many years. There’s no doubt Sam would be very proud. On behalf of our associates and the Board, I’d like to thank him for his unparalleled and amazing service.”
Rob Walton purchased the NFL’s Denver Broncos in 2023.
More executive pay disclosures
The proxy also showed that Walmart’s chief financial officer, John David Rainey, had a total compensation of $13.2 million, down from $39.73 million last year. His salary was $1 million, an increase of $300,000. His stock awards were $9.1 million, down from $32.7 million the previous year. He also didn’t receive a bonus during the fiscal year, but in the previous year, he received a $5 million bonus.
Walmart’s named executives won’t own the stock awards listed until after a period of several years, and the stock awards are not part of an annual payout or vesting.
Other named executives and their compensation:
- Suresh Kumar, the company’s global chief technology and development officer, had total compensation of $14.5 million, a decrease from the $16.1 million he received the previous year. Kumar’s salary during the fiscal year that ended Jan. 31 was $1.1 million, a slight increase from last year. His stock awards were worth $10.8 million, a decline from last year’s award of $13.1 million.
- John Furner, president and CEO of Walmart U.S., had a compensation package worth $15.6 million, which was up from the $14.1 million the previous year. His salary increased slightly to $1.25 million, and he received $10.8 million in stock options and a $2.8 million bonus.
- Kath McLay, who was promoted on Sept. 11 to president and CEO of Walmart International, had total compensation of $13.7 million, an increase from the previous year’s $11.9 million when she was president and CEO of the Sam’s Club division. The majority of her compensation came from stock awards of $10.3 million, up from $8.7 million the previous year. Her base salary was $1 million, an increase from $973,771.
- Chris Nicholas earned a salary of $805,471 as president and CEO of Sam’s Club, a division of Walmart. He replaced McLay at the position on Sept. 11 and had been chief operating officer for Walmart U.S. This was the first year he appeared as a named executive. His total compensation was $12.7 million. His stock awards were worth $10.4 million.
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