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Walmart CEO gets raise, pay packet is now $19.8 mn pa

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The pay of Walmart Stores Inc Chief executive Doug McMillon’s has rose slightly to $19.8 million in the year ended January 31, even as profit at the world’s largest retailer fell on higher costs.
According to a report in Reuters: The total compensation, includes cash and stock, compared with the $19.4 million he made the previous year, according to the filing to the US Securities and Exchange Commission.
McMillon took over the top job at Walmart in February 2014.
Last fiscal year, Walmart’s operating income fell 11 per cent to $24.1 billion and sales dropped 0.7 per cent to $482 billion, reflecting a $1 billion outlay to raise entry-level wages and a firmer dollar, which cut into the value of overseas sales.
Excluding the impact of currency, Walmart said its sales rose 2.8 per cent to $499.4 billion.
The retailer’s core US operations have shown some improvement, with sales at existing stores rising 1 per cent in the last fiscal year, excluding fuel. The company has said it believes its investments in wages and training have led to better customer service at its more than 5,000 US stores, including the Sam’s Club warehouse chain.
Greg Foran, head of the US business, saw his total compensation fall to $11.5 million from $19.5 million, as his stock awards were cut by more than half.

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