Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Wal-Mart’s Duke Gets Compensation of $18.7 Million in 2010

April 18 (Bloomberg) -- Wal-Mart Stores Inc., the world’s largest retailer, said Chief Executive Officer Michael Duke received compensation valued at $18.7 million last year, less than a year earlier, as U.S. store sales dropped.

Duke, 61, received incentive pay, which is tied to Wal-Mart’s financial performance, of $3.85 million in the year ended Jan. 31, down from $4.8 million a year earlier, according to a securities filing today. His salary rose 2.4 percent to $1.23 million, based on U.S. Securities and Exchange Commission rules. A year earlier, Duke’s compensation totaled $19.2 million.

Sales by Wal-Mart’s U.S. stores open for at least 12 months have fallen for seven straight quarters, spurring Duke to overhaul his U.S. management team since last year and return thousands of items to shelves. Unemployment and rising gas prices have some consumers tightening budgets in the U.S. where the company’s Wal-Mart stores generate almost two-thirds of revenue.

“We were simply not satisfied with the net sales results in Walmart U.S. last year,” Duke said in the company’s 2011 annual shareholders report. The retailer will hold its annual meeting June 3 in Fayetteville, Arkansas.

Stock awards for Duke, CEO since February 2009, declined slightly to $12.65 million last year. Duke’s perks, including the use of company aircraft and a home security system, totaled $477,000 last year, up 50 percent.

Wal-Mart also agreed today to buy closely held social media company Kosmix Corp. for an undisclosed sum to expand its online operations. The Mountain View, California-based company, founded in 2004, will be part of the retail giant’s newly formed @WalmartLabs unit, which will explore how consumers shop using social media and mobile phones, the company said in a statement.

Wal-Mart, based in Bentonville, Arkansas, fell 24 cents to $53.31 at 4:00 p.m. in New York Stock Exchange composite trading. The shares have slipped 1.1 percent this year.

To contact the reporters on this story: Chris Burritt in Greensboro at cburritt@bloomberg.net Matthew Boyle in New York at Mboyle20@bloomberg.net.

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.