Wal-Mart CEO Picks Up $18.1 Million
It was revealed on Monday that the value of Wal-Mart Stores (NYSE: WMT) CEO total compensation dropped 3.1% to a still healthy $18.1 million for the last fiscal year. The reduction is largely because he received less cash incentive pay.
Michael T. Duke's cash incentive pay dropped 25% to $2.9 million in the fiscal year that ended this January, according to a filing with the Securities and Exchange Commission. His cash incentives wire way below what he was expecting, obviously because the retailer did not hiot 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 has 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 (NASDAQ: AMZN). In order to keep touch, WMT has lowered prices, but that move has eaten into the company's profit margin.
Wal-Mart shares are up 37 cents to $60.14.
On Friday, Goldman Sachs published a research report stating that Wal-Mart's international meeting provided an international operations update and a deep-dive on the Canadian operations. Management sounded a positive tone as progress is being made across rapid growth and returns.
"Although Canada's accelerating growth and strong returns offer a compelling opportunity for WMT, we continue to believe the size of this market limits the potential impact to the overall bottom line."
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.