Doug McMillon’s total compensation reached a whopping $22.1 million last year — but the Walmart president and CEO isn’t on the receiving end of the most lucrative package at the company.
According to a proxy statement filed Thursday with the Securities and Exchange Commission, the executive chief — who assumed the role in February 2014 after serving five years as EVP, president and CEO of Walmart International — took home a base salary of $1.27 million in the year ended Jan. 31, 2020.
McMillon also received additional pay: He was awarded $15.7 million in stock bonuses; $3.5 million as part of a non-equity incentive plan, or rewards unrelated to stock performance; $1.1 million in non-qualified deferred earnings, or money earned in a prior year but received this year with income tax benefits; and roughly $410,000 in other compensation.
However, his total pay is not even half of the compensation earned by EVP, global chief technology officer and chief development officer Suresh Kumar, who was hired in July last year.
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Kumar’s base salary was roughly $576,900, but stock awards of more than $43.6 million — on top of $1.2 million in non-equity incentives, $515,100 in bonuses and $21,600 in other compensation — earned him upwards of $45.9 million.
The tech exec joined the big-box chain from Google, where he served as VP and GM for 16 months. From May 2014 until February 2018, he was the corporate VP at Microsoft, and prior to that, he spent 15 years at Amazon in various leadership roles, including VP of technology for retail systems and operations.
The salaries of several members of the company’s leadership team were also included in the report: EVP and CFO Brett Biggs’ compensation totaled $8.8 million, while Walmart U.S. CEO John Furner’s was $9.9 million and Walmart International CEO Judith McKenna’s was $12.2 million. Kath McLay, CEO of subsidiary Sam’s Club, saw her compensation reach $13.5 million. (These figures include stock awards, non-equity incentives, bonuses and other non-cash compensation, some of which have not yet been awarded.)
McMillon’s base pay remained unchanged from the past two years, but his overall compensation package declined slightly from the prior year, along with that of Biggs and McKenna.
The statement was filed in preparation for Walmart’s upcoming annual shareholders’ meeting on June 3, which will be held virtually to adhere to social distancing guidelines enforced by federal authorities amid the coronavirus pandemic.
Editor’s note: A portion of the company’s executive pay is contingent on performance, taking into account stock grants that have not yet been paid and will be determined over time based on whether the company is able to meet its financial goals. This story has been updated to reflect this information.