Wal-Mart price cut: CEO's compensation cut by a third
President and CEO Michael T. Duke received a one-third pay cut from last year, but don't feel too bad for him.
Duke's total compensation for fiscal 2010 is valued at $19.2 million, down 32 percent from the previous fiscal year, according to a filing with the U.S. Securities and Exchange Commission.
That includes $1.2 million in salary, $4.8 million in incentive bonuses and more than $85,000 for personal use of Wal-Mart's corporate plane.
But it's all relative. Last year, Duke netted $28.4 million in compensation. The big difference is in the stock and options awards. In that category Duke received $12.7 million this time around, nearly $11 million less than the previous year.
Duke joined Wal-Mart in 1995 and was named president and CEO in February 2009. Shares of Wal-Mart are up 8 percent over the past year.
Among other executives: Chief Financial Officer Thomas Schoewe's total compensation over the last fiscal year was valued at $7.2 million, roughly flat with the previous year. Vice Chairman Eduardo Castro-Wright's total compensation was valued at $13.9 million, down from $18.6 million. Executive Vice President Douglas McMillon's compensation was $11.2 million, up from $9.6 million previously, and Executive Vice President Brian Cornell's total compensation was valued at $14.3 million.
