The CEO of the world’s largest retailer received total compensation of more than $26.9 million last year. The year-over-year increase is estimated at $1.6 million, according to the company’s annual proxy statement filed Thursday with the SEC.
Walmart’s compensation package for Doug McMillon included $1.5 million in base salary, $19.6 million in stock and $5.8 million in other compensation.
It’s quite a raise from his first job as a salaried loader back at Walmart in 1984, when he earned $6.50 an hour, which would be about $19.79 today.
The 57-year-old from Arkansas is now responsible for 2.1 million employees in more than 10,000 retail stores worldwide, and annual sales of $648 billion — more people and higher sales than any other private employer in the world.
The highest paid
Of those more than 2 million workers, the average employee was paid $27,642 last year, up 1.8% from the previous year. Doug McMillon’s compensation is 976 times that amount.
By comparison, Target CEO Brian Cornell’s most recent package was $17.6 million, while Craig Jelinek earned $16.8 million in his final year as CEO of Costco. Their pay ratios were 680 and 336, respectively.
According to a new calculation that companies are required to disclose since last year, McMillon saw his net worth increase by nearly $47.5 million last year after adjustments to recognize the fair value of his stock awards.
Since 2009, Walmart has paid McMillon a total of nearly $163 million for his work as an executive. Before becoming CEO, he was in charge of the company’s international division from 2009 to 2014 and head of Sam’s Club from 2005 to 2009.
He now owns more than 5.1 million Walmart shares, worth $306 million at Friday’s closing price.
Source OT
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