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.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)