Doug McMillon got a nice bump up in pay as he moved into the corner office at Wal-Mart Stores Inc.
McMillon, who took the reins as chief executive officer from Mike Duke at the end of the fiscal year on Jan. 31, saw his total compensation increase 167 percent to $25.6 million last year, when he served as executive vice president.
Most of that came in the form of stock awards valued at $23 million and, according to Wal-Mart’s practice, were given in consideration of the upcoming year, according to a regulatory filing Wednesday. McMillon might not realize all that value given stock price fluctuations.
He also received a salary of $954,408 and incentive pay of $1 million in addition to other compensation.
Duke, the outgoing ceo, received no stock awards during his final year of service and saw his compensation fall 73 percent to $5.6 million.
Also among the high earners at the company were Bill Simon, executive vice president and ceo of Wal-Mart’s U.S. discount division, who saw his compensation rise 16.3 percent to $13 million, and Neil Ashe, executive vice president and ceo of Global eCommerce, who saw a gain of 57.8 percent to $13.2 million.
Wal-Mart also said that board members Lee Scott, a former ceo at the retailer, and Chris Williams, would not stand for re-election at the company’s June 6 annual meeting. That will cut the firm’s board to 14 directors.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion