Doug McMillon got a nice bump up in pay as he moved into the corner office at Wal-Mart Stores Inc.
This story first appeared in the April 24, 2014 issue of WWD. Subscribe Today.
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.