Walmart’s top six executives are now receiving a total compensation of almost $80 million. $79.93 million for fiscal 2021 which ended in February of 2021 to be exact.
The combined salaries and benefits equate to $9,124 for every hour of the year.
The 2021 pay is down from $87.883 million reported a year ago which included a $44 million sign-on bonus and stock awards for Suresh Komar, the global chief technology officer who joined Walmart from Google in 2020.
Compensation details were released on Thursday by the company. The retail giant’s 120-page annual proxy filing with the U.S. Securities and Exchange Commission.
Walmart reported total revenue of $559.2 billion last year, an increase of $35.2 billion, or 6.7%, and eCommerce sales grew 79% amid the pandemic. The stellar financials paid off well for the company’s top executives.
Walmart CEO Doug McMillon saw his pay improve slightly in 2021 to $22.574 million, up 2.2% from the $22.105 million reported a year ago. McMillion had a base salary of $1.272 million, plus $130,000 that was deferred until next year. His base salary was $1.276 million a year ago. His cash bonus of $3.816 million was incentive-based with 75% of the bonus coming from operating Income and 25% coming from sales revenue. Amid the pandemic, Walmart hit its highest goals well above the maximum threshold of 125% in all of its operating segments. This produced the highest possible bonus for McMillon and the top execs.
“In addition to the solid financial performance, during fiscal 2021 McMillon continued to accelerate Walmart’s transformation strategy to become the primary destination for customers by integrating our retail stores and eCommerce into a seamless customer experience” the proxy stated.
The proxy also revealed the ratio of McMillon’s compensation to the median employee income in fiscal 2021. McMillon’s $22.574 million was 1,078 times that of the $20,942 the median Walmart employee earned last year.
Chief Financial Officer Brett Biggs had total compensation of $9.123 million last year. Biggs’ compensation grew 3.68% from the $8,798,491 earned a year ago, according to the proxy. His cash bonus was also paid at the highest level because of the company’s strong financial metrics in fiscal 2021. His incentive-based pay totaled $1,752 million, up from $1.575 million in the prior year.
Suresh Kumar, global chief technology and development officer at Walmart, first joined the retail giant in fiscal 2020. Kumar’s total compensation was $11.737 million in fiscal 2021. His income declined from $45.898 million in the prior year, which included $43.6 million in restricted stock awards that pay off over the next five years.
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