It pays well to run Walmart Inc.
Doug McMillon, president and chief executive officer of the retail giant, saw his total compensation increase to $25.7 million last year from $22.6 million in 2020, according to a company filing with the Securities and Exchange Commission late Thursday.
As usual, McMillon’s take was made up primarily of stock awards, which were valued at $19.2 million for last year and are dependent on the company’s performance, tying the CEO’s pay to the returns seen by shareholders.
McMillon also received a salary of $1.3 million, incentive pay of $3.8 million, private use of company aircraft valued at $199,911 and other benefits.
All that makes McMillon one of the highest paid CEOs in retail, but — as is true in other aspects of his work life — he’s seeing some stiff competition from Amazon. Andrew Jassy, the web giant’s new CEO, logged pay of $212.7 million for last year, with 99.5 percent of that coming from stock awards.
While Amazon rules the web and Walmart the physical retail world, the two are increasingly inching into each other’s turf. Amazon is adding more high-tech brick-and-mortar concepts and Walmart, under McMillon’s leadership, has made a major digital push.
“We have momentum in our business,” McMillon told investors in February, after logging $573 billion in sales for the year. “We’re being aggressive with our plans and executing on the strategy. It’s exciting to see how the teams are simultaneously navigating today’s challenges and reshaping our business.”
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