Douglas McMillon, who became the president and CEO of Walmart on Feb. 1, saw his total compensation increase 167 percent to $25.6 million last year, according to the company's annual proxy statement filed with the U.S. Securities and Exchange Commission.
Most of McMillon's compensation came in the form of stock awards valued at $23 million and, according to Walmart's practice, were given in consideration of the upcoming year. McMillon might not realize all that value given stock price fluctuations.
The filing also outlined the salary of former Walmart CEO Mike Duke, who received a compensation package worth about $5.6 million, down roughly 70 percent from $20.7 million the prior year. Duke's salary plummeted because he received a lower performance-based bonus and he didn't get stock awards that are given in anticipation of future performance.
Duke retired on Jan. 31 was replaced by McMillon. Duke had been CEO since February 2009 and previously oversaw Walmart International and Walmart U.S. Before joining the company, Duke was with the Federated and May department store chains.
Separately, Walmart said former CEO Lee Scott won't stand for re-election to Walmart's board at the company's annual shareholders meeting on June 6. The company said Scott's departure from the board is in line with other CEOs leaving. Scott led the company from January 2000 to January 2009. He joined the board in 1999.
Walmart: A relentless focus on change
What social media means to Walmart
Walmart's Savings Catcher compares competitors' prices
Walmart debuts first Walmart To Go convenience store
Walmart: Fourth-quarter sales will be worse than we thought