Walmart CEO Doug McMillon signed an agreement to begin selling 233,000 of his Walmart share holdings to diversify his assets. The transactions will take place monthly beginning in April and end in February 2023.
The planned sale of 233,000 shares is roughly 16.2% of his direct Walmart shares as of March 12. The sale plan was made public Friday (March 12) with the U.S. Securities and Exchange Commission.
Under terms of the liquidation plan, McMillon will have no control over the timing or effectuation of any transactions in company securities. McMillon continues to be subject to Walmart’s stock ownership guidelines, under which he is required to hold company stock equal in value to at least seven times his base salary.
As of Friday, McMillon directly owned 1,431,874 shares of Walmart stock with a value of $192.043 million. He also owned another 353,104 shares indirectly in trusts for his wife Shelley and two sons, and in 401(k) plan.