Marc Lore, the man Wal-Mart Stores Inc. hired to bring down Amazon, is also bringing in a tidy sum for his trouble — $244 million.
Lore founded the outrageously ambitious Jet.com and sold it to Wal-Mart in a $3.3 billion deal in September. He was the e-commerce market place’s largest shareholder and got a big payout from that deal and became president and chief executive officer of Wal-Mart’s U.S. e-commerce operation in what some have called retail’s most expensive “acqui-hire” ever.
He’s charged with remaking the brick-and-mortar giant’s e-commerce operation and he’s starting with fashion, buying Shoebuy, Moosejaw and ModCloth and, potentially, Bonobos in rapid-fire succession.
Lore has a big job — squaring off with his former boss, Amazon’s Jeff Bezos — hence the big paycheck.
Last year, Wal-Mart paid him a salary of $346,154 and incentive pay of $1.1 million. But the vast majority of his total compensation came in the form of stock awards, which were valued at $242 million in the company’s proxy statement with the Securities and Exchange Commission.
The company said Lore received 3,554,093 restricted stock units in connection with the Jet.com deal. They vest over five years, the same period for which he’s under a non-compete agreement.
Without the restricted stock grant, Wal-Mart said Lore’s total compensation would have tallied $7.6 million.
Much less but, still, not bad.
Doug McMillon, Wal-Mart’s president and ceo, saw total compensation of $22.4 million last year, while Greg Foran, head of Wal-Mart U.S., received $11.5 million.
Wal-Mart chairman Gregory Penner said in the filing that: “Fiscal 2017 was a year in which we saw the ongoing transformation of Wal-Mart gain momentum. In a new era of disruption in the retail industry, we continued to execute our strategy to become the first company to deliver a seamless shopping experience at scale, regardless of how our customers choose to shop with us.”
Obviously, it’s not a cheap transformation.
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