By Josh Beckerman
Wal-Mart Stores Inc. said Chief Executive Doug McMillon's total
compensation for the year ended Jan. 31 was valued at $19.4
million, down 24% from $25.6 million in the previous year.
His base salary increased to $1.2 million from $954,408, while
stock awards were lower and non-equity incentive-plan compensation
increased.
The company said its performance "did not meet the challenging
targets" established at the beginning of fiscal 2015, resulting in
short- and long-term incentive pay below target levels. The company
said it "fell short" of operating income, sales and return on
equity targets.
Compensation for Greg Foran, who became the company's U.S. head
last year, was valued at $19.5 million, with components that
included an $846,910 base salary, a $500,000 bonus and $15.8
million of stock awards. Chief Financial Officer Charles Holley's
compensation was valued at $7.4 million, down from $8.2 million the
previous year.
Mr. McMillion and Mr. Foran have been working to turn around
U.S. operations, with efforts including a push for suppliers to
reduce the cost of their products.
The company has been hurt by trends including shoppers favoring
smaller and more conveniently located stores or making purchases
online.
For its quarter ended Jan. 31, Wal-Mart reported earnings of
$4.97 billion, up from $4.43 billion a year earlier. Revenue rose
1.4% to $131.6 billion as customer traffic grew for the first time
in more than two years, helped by lower gasoline prices.
Wal-Mart also said Wednesday that Douglas Daft, a board member
since 2005 and a former chief executive of Coca-Cola Co., will
retire from the board.
Write to Josh Beckerman at josh.beckerman@wsj.com
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