Wal-Mart CEO picks up $18.1 million
Mike Duke's compensation still fell, however, as his cash incentive payment dropped.
The bad news for Wal-Mart (WMT) CEO Mike Duke? His total pay dropped 3.1% last year. The good news? He still got a healthy $18.1 million.
The reduction was largely due to a cash incentive payment that dropped 25% to $2.9 million in the fiscal year ended in January, according to a regulatory filing. His cash incentives were way below what he was expecting, mostly because the retailer did not hit the targets it had set.
On the plus side for Duke, the value of his stock awards rose 3.3% to $13.1 million, making up the bigger part of Duke's personal pie. His salary increased 2.6% to $1.3 million.
It's been a tough few months for Wal-Mart, with the company struggling to fight off rising gasoline prices and competition for dollar stores as well as online merchants like Amazon (AMZN). Wal-Mart has lowered prices, but that move has eaten into the company's profit margin.
Wal-Mart shares closed Monday at $60.58, up 1.37% this year.
Did Duke deserve the compensation he received last year? Wal-Mart's stock price rose 12% in the company's fiscal year. One of Duke's key accomplishments was reversing a damaging slump in U.S. same-store sales. Still, he was not able to meet the company's internal financial targets.
Separately, Wal-Mart said that Google (GOOG) executive Marissa Mayer has been nominated for election to its board. Shareholders will vote on her nomination at the annual meeting in June.
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