Wal-Mart to Revamp Board -- Update
April 20 2016 - 6:28PM
Dow Jones News
By Josh Beckerman
Wal-Mart Stores Inc. said it would transform its board, with
four members retiring and a grandson of founder Sam Walton being
nominated for election, as part of a plan to "strengthen the board
for the future."
The retailer said it would cut the size of its board to 12
directors from 15 following its annual meeting on June 3.
Jim Walton, son of Sam Walton, will step down, as will Aída
Álvarez, Roger Corbett and retired Chief Executive Mike Duke. Ms.
Álvarez and Mr. Corbett are rotating off the board after a decade,
in line with the company's governance guidelines.
Wal-Mart said it would nominate Steuart Walton, grandson of the
founder, for election to the board. The 34-year-old would be the
first of his generation of Waltons to have a presence on the retail
giant's board.
The Walton family, through individual and company ownership,
hold a stake of just over 50% in Wal-Mart, according to the most
recent filings available.
Wal-Mart also said Chief Executive Doug McMillon's total
compensation last year was valued at $19.8 million, up from $19.4
million in 2014. Stock awards, the largest component of the total
figure, declined to $14.3 million from $14.6 million.
Wal-Mart said its financial performance last year "did not meet
the challenging targets established" at the beginning of the year.
As a result, incentive payouts to top executives were below target
levels.
Mr. McMillon's cash-incentive-plan payout was $3.4 million,
representing 83.7% of the target. His base salary rose to $1.26
million from $1.2 million.
Shares of Wal-Mart have risen 14% in the past three months and
were inactive after hours.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 20, 2016 18:13 ET (22:13 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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