Walmart’s top execs earn a cumulative $123 million in recent fiscal year

Walmart’s top six executives earned a cumulative $123.116 million for the fiscal year that ended Feb. 1, up 54% compared with the previous fiscal year. That figure included $2.029 million paid to outgoing Chief Financial Officer Brett Biggs, who worked part of the year.

The recent fiscal year also included a $5 million sign-on bonus and initial stock awards to incoming CFO John Rainey.

Walmart’s top six earning executives each saw their base salaries increase ranging from 17.8% for Sam’s Club CEO Kath McLay to 1.12% for Walmart U.S. CEO John Furner, according to the company’s proxy filing to the U.S. Securities and Exchange Commission after markets closed on Thursday (April 20).

The top executives’ total compensation equates to $14,054 paid every hour of the year. In comparison, Walmart’s net income of $11.68 billion equates to around $1.333 million an hour.

CEO Doug McMillon earned total compensation of $25.306 million last year, down slightly from the prior year. His base salary of $1.471 million increased by 15.2% from a year ago. He also had roughly $3 million in incentive-based compensation, down slightly from last year, while stock awards totaled $19.411 million, up 1.12% from a year ago. McMillon has been CEO since 2014, and since that time, Walmart has grown its total revenue by 3.23% annually. McMillion, 56, is expected to stay in his leadership role at Walmart for at least three more years seeing the construction of the new home office campus in Bentonville to completion.

Rainey was the top earner at Walmart this past year, given his sign-on bonus and stock awards. His total compensation was $39.725 million. His base salary totaled $700,000, but he also received deferred compensation in the form of stock awards totaling $32.651 million. Rainey also has $474,742 in other compensation stemming from his personal use of company planes.

Suresh Kumar, Walmart’s global chief technology officer, had total compensation of $16.118 million in fiscal 2022, down compared with $16.706 million in the prior year. His base salary of $1.096 million was 4.38% higher than the prior year and included $156,000 he deferred to next year. Kumar also received $1.694 million in bonus pay, less than in 2021. His stock awards totaled more than $13.13 million, on par with the prior-year awards. Other deferred compensation around pension values increased to $10.897 million last year, up from $2.491 million in 2021.

John Furner, CEO of Walmart U.S., had total compensation of $14.115 million, slightly less than in the prior year. His base salary of $1.223 million was offset by the $52,000 he deferred. Furner’s base salary increased by 1.12% year over year.  His incentive bonus was $1.594 million, down from $2.355 million in the prior year. Walmart U.S. grew sales revenue to $420.6 billion, up 6.9%; at the same time, operating income declined 4.5%. That performance factored into the lower bonus pay.

At roughly $10.6 million, Furner’s stock awards were on par with a year ago. His other compensation for the personal use of the corporate airplanes totaled $358,000, down slightly from the prior year. Other compensation around pension values rose to $245,766 from $175,020 a year ago.

FEMALE OFFICER PAY
Walmart’s two highest-ranking female execs continue to earn less than their male colleagues. Walmart International CEO Judith McKenna had total compensation of $13.873 million, down slightly from 2021. Her base salary was up 3.35% to $1.148 million. Her incentive bonus totaled $2.3 million, down from the prior year, while stock awards of $9.7 million were similar to 2021.

Walmart International reported revenue of $101 billion, up 3.7%, with operating income declining 21% from the prior year. McKenna’s deferred compensation around pension value also increased year over year to $347,682. She was tagged with $354,000 of other income around personal use of the corporate planes.

Sam’s Club CEO Kath McLay saw the highest increase in base pay to $973,771, up more than 17% year over year. Her total compensation was $11.945 million, up roughly $400,000 from the prior year. McLay also saw a higher incentive bonus of $1.883 million, up from $1.792 million in the prior-year period. She was the only executive with an incentive pay increase.

Sam’s Club reported revenue growth of 14.7%, with operating income down 13.1%. McLay’s stock awards of roughly $8 million were on par with a year ago. The deferred compensation around pension values rose $11.48 million, up from $6.91 million. Her private use of corporate planes added another $335,600 to her total income.

DIVERSITY REPORT
Walmart also recently released its annual report on cultural diversity and inclusion. The retail giant is the largest U.S. employer, with 1.581 million workers and 2.063 million globally. Walmart reported that women make up 52% of its U.S. workforce, 44% of managers, and 35.75% of officers. Women of color comprise 26.5% of the U.S. workforce, 18.07% of managers and 9.87% of officers.

Walmart said it remains committed to reporting its diversity numbers twice a year, as it helps see where it needs to focus its diversity strategy.

Target’s recent diversity report in early 2022 indicated people of color were 33% of the officer ranks and 43% of the managers. Walmart reports people of color made up 27.61% of officers and 40.65% of managers.