In a Thursday proxy filing with the U.S. Securities and Exchange Commission, Walmart reported compensation of its top six executive officers totaled more than $112.39 million. The top earner was Global Chief Technology Officer Suresh Kumar who was hired from Google in 2019.
Walmart’s top executive officers benefited from a profitable year. Walmart grew revenue to $523.96 billion, up 1.85% in fiscal 2020, but operating income was lower at $20.569 billion. These mixed financial results did factor into the exec bonus pay which was slightly lower than received in the prior year.
Kumar’s total earnings were $45.89 million, which included a cash signing bonus of $515,100 and $43.603 million in stock awards as part of his deferred compensation. His base salary was $576,923 and other earnings included $1.81 million in cash incentives and $21,603 in other compensation. Without Kumar’s sign-on bonus and additional stock awards, he would likely not have been in the top six earners.
Walmart CEO Doug McMillon had total compensation of $22.105 million, plus $135,000 of salary deferred. His base salary of $1.176 million has been constant for the past three years. His stock awards this past year were $15.709 million, also in line with the past three years. Bonus pay for the fiscal 2020 year totaled $3.516 million, which was less than the prior two years. Pay incentive is based on total company performance of sales revenue growth and operating income. While revenue was up in 2020, operating income was lower than the prior year. McMillion’s total earnings in 2020 were down about 5% from the prior year because of the reduced incentive pay.
Chief Financial Officer Brett Biggs had total compensation of $9.473 million, of which $675,000 was deferred. His base salary was $915,358, up 2.5% from the prior year. His stock awards totaled $5.752 million, on par with a year ago. The bonus incentive pay Biggs received was $1.575 million, down from $2.223 million in the prior year. His pension deferred compensation was $292,100, slightly less than a year ago. Other compensation added another $262,413 this year. Biggs’ 2020 compensation on par with the prior year.
Judith McKenna, CEO of Walmart International and one of two women as top earners at Walmart, had total compensation of $12.206 million in fiscal 2020, slightly below the $12.922 million she earned the prior year in the same role. McKenna’s base salary was $1.066 million, up slightly from the $1.044 million the year before. Her bonus pay and stock awards were each lower than in the prior year. She received $7.323 million in stock awards and $1.843 million in bonus performance pay. Her pension deferred compensation of $1.682 million and other pay of $290,755 comprised her 2020 compensation package.
Sam’s Club CEO Kathryn McLay was new to that role in November 2019, just two months before the company’s fiscal year-end. She was over Walmart Neighborhood Markets prior to taking at Sam’s Club which elevated her into the executive vice president role. Her total 2020 compensation was $13.508 million. Her prorated base pay was $640,409 and she received stock awards of $7.323 million and a performance bonus of $960,941. McLay also received a pro-rated pension deferred payment of $2,479 and other compensation of $17,901. She also deferred $12,500 of her salary.
Walmart U.S. CEO John Furner had total compensation of $9.915 million, which includes $40,500 he chose to defer. Furner became CEO of Walmart U.S. in October 2019, replacing Greg Foran who left the company to take over as CEO of New Zealand Air. Furner’s salary of $847,895 was prorated and included his former role as CEO of Sam’s Club. Furner received stock awards of $6.712 million and a performance cash bonus of $1.855 million, slightly more than the bonus he received the prior year as CEO of Sam’s Club. His pension earnings totaled $133,248, which was $40,448 more than he received the prior year. Other compensation earnings totaled $325,933, on par with the prior year.
Walmart’s board of directors noted in the proxy the compensation packages it offers top executives are benchmarked against 42 peer companies and compensation is based on achieving performance goals and total shareholder return.
Absent from this year’s Proxy filing is Marc Lore, CEO of Walmart U.S. eCommerce.