Last year, Walmart’s CEO, Doug McMillon, received a total compensation of $26.9 million, which marks a $1.6 million increase from the previous year. This information comes from the company’s annual proxy statement filed with the SEC on Thursday.
McMillon’s compensation package comprised $1.5 million in base salary, $19.6 million in stock awards, and $5.8 million in other compensation.
This substantial pay increase stands in stark contrast to McMillon’s humble beginnings with the retailer in 1984, when he started by unloading trucks for $6.50 an hour, equivalent to about $19.79 in today’s dollars.
Now, at 57 years old and hailing from Arkansas, McMillon oversees a workforce of 2.1 million employees and more than 10,000 retail locations globally. Walmart’s annual revenue last year amounted to $648 billion, making it the largest private employer in the world, both in terms of people employed and sales generated.
In comparison to Walmart’s median employee, who earned $27,642 last year (a 1.8% increase from the previous year), McMillon’s compensation is 976 times higher.
For context, Target CEO Brian Cornell’s most recent compensation package was $17.6 million, while Craig Jelinek, in his final year as Costco’s CEO, earned $16.8 million. These figures represent 680 and 336 times more than their respective companies’ median employees.
Walmart CEO Doug Mcmillon net worth
According to a new calculation requirement by the SEC, McMillon’s net worth grew by nearly $47.5 million last year, factoring in adjustments to recognize the fair value of his stock awards.
Since 2009, Walmart has paid McMillon nearly $163 million. Before assuming the role of CEO in 2014, McMillon led the corporation’s international division from 2009 to 2014 and was the head of Sam’s Club from 2005 to 2009.
Currently, McMillon owns more than 5.1 million shares of Walmart stock, valued at $306 million based on Friday’s closing price.
