Retail’s highest paid executive has decided it’s time to move on from his modest New Jersey abode after pocketing almost $244 million last year.
Marc Lore, president and chief executive officer of Wal-Mart’s U.S. e-commerce operations, has quietly sold his four-bedroom, 2,508-square-foot brick colonial-style house for just under $900,000 in an off-market deal, WWD has learned.
Many might have assumed that Lore lived in an opulent multimillion-dollar mansion, but he and his wife Carolyn actually called the unassuming Mountain Lakes abode home from 2006 when they paid $841,000 for it.
While it is a perfectly nice house, there are certainly no luxurious amenities like a swimming pool or tennis court that you might expect of a high-ranking executive’s home, with an old listing describing a formal dining room with crown molding and a spacious family room that opens out to a patio as stand-out features.
It’s unknown where the longtime New Jersey resident, who grew up in Red Bank, has moved to, but one can only assume he has upgraded to a fancier spread after netting a lot of cash last year when he sold Jet.com, the discount e-commerce start-up he founded, to Wal-Mart for $3.3 billion.
As part of the deal, he joined the retail giant as president and chief executive officer of U.S. e-commerce, with Wal-Mart paying him a salary of $346,154, as well as incentive pay of $1.1 million last year.
The vast majority of his total compensation, however, were stock awards, which were valued at $242 million and vest over five years, making him the highest paid executive in retail, fashion and beauty for 2016, according to a WWD study of executive pay.
While Wal-Mart’s headquarters are based in Bentonville, Ark., Lore, who juggles the Jet.com and walmart.com businesses and is in charge of 13,000 staff, spends much of his time at Jet’s Hoboken, N.J., headquarters.
A spokesperson for Lore declined to comment.