Walmart CEO’s Pay Day: Doug McMillon Tops $22 Million
The prices are low at Walmart Inc., but the top executives get top dollar.
Total compensation for the company’s top six executives tallied nearly $80 million last year, with the lion’s share of that coming in the form of hefty stock awards, the final value of which might not be realized given stock price fluctuations.
Leading the pack was Doug McMillon, president and chief executive officer, who saw his pay inch up 2.1 percent to $22.6 million. That included a salary of $1.3 million and incentive pay of $3.8 million as well as $1.4 million attributed to the change in the value of his pension and other compensation of $282,984 (including $102,414 for personal use of company aircraft). But the bulk of McMillon’s pay came in $15.8 million in stock awards.
“Our executive compensation programs are intended to motivate and retain key executives, with the goal of generating strong operating results and creating alignment with our shareholders,” Walmart said in its proxy statement, which was filed with the Securities and Exchange Commission on Thursday and revealed executive pay at the retailer. “We have developed our compensation programs to support our enterprise strategy and to align our leadership team with our culture, strategy and organizational structure.”
The company described 75.3 percent of McMillon’s compensation as “performance based.”
Among the other executives whose compensation packages were detailed in the report were:
• John Furner, president and CEO of Walmart U.S., $11.3 million, up 14.8 percent.
• Suresh Kumar, global chief technology and development officer, $11.7 million, down 74.4 percent (he received stock grants valued at $43.6 million after joining the company in 2020).
• Judith McKenna, president and CEO of Walmart International, $12 million, down 1.6 percent.
• Kathryn McLay, president and CEO, Sam’s Club U.S., $13 million, down 4.1 percent.
• Brett Biggs, chief financial officer, $9.1 million, up 3.7 percent.
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