H. Lee Scott received a pay package valued at $30.2 million — a 4.6 percent drop — in his final year as president and chief executive officer of Wal-Mart Stores Inc.
Scott’s compensation for the fiscal year ended Jan. 31 included salary of $1.5 million, nonequity incentive pay of $5.8 million, stock awards valued at $17.4 million and option awards of $4.4 million, according to a filing with the Securities and Exchange Commission. Stock and option awards are reported based on SEC accounting guidelines. The compensation recorded in these categories was not necessarily realized because of vesting schedules and changes in stock price. Scott was the highest paid retail executive in 2007, with total compensation of $31.6 million. The compensation of Scott’s successor, Michael Duke, who was vice chairman before taking over at the start of this fiscal year, fell 7.9 percent to $12.2 million. In another development, Wal-Mart said Monday that David Glass, a board member and former president and ceo who joined the world’s largest retailer when it had just 123 stores in 1976, will not to seek reelection to the board. Glass was initially hired as executive vice president of finance and established the first computerized distribution center outside of the retailer’s headquarters in Bentonville, Ark., extending Wal-Mart’s reach beyond its home state. As vice chairman and chief financial officer in 1982, Glass was instrumental in creating Sam’s Club. He became president in 1984 and succeeded Sam Walton, the company’s founder, as president and ceo in 1988. He retired in 2000. His tenure was not without controversy, however. A 1992 NBC “Dateline” segment investigated Wal-Mart’s “Made in America” and “Bring It Home to the USA” marketing campaigns, showing footage of children working in Bangladeshi factories making clothes for Wal-Mart. With Glass’ retirement, Wal-Mart’s board will consist of 15 directors, all of whom will stand for reelection June 5.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim