Wal-Mart CEO’s compensation put at $19.2 million
New York City Wal-Mart Stores CEO Mike Duke received compensation worth $19.2 million in fiscal 2010, according to an Associated Press calculation. That's down 34% from 2009, when he got a hefty stock award in connection with his promotion to CEO.
Duke became CEO on Feb. 1, 2009, the first day of the company's fiscal 2010, succeeding Lee Scott. In fiscal 2010, he received a base salary of $1.2 million and a performance-based cash bonus of $4.8 million, according to a filing it made Monday with the Securities and Exchange Commission.
He received $193,808 in above-market interest credited on deferred compensation under Wal-Mart Stores' non-qualified deferred compensation plan.
The bulk of his pay came in the form of stock valued at $12.7 million at the time it was granted.
He also received other compensation worth $318,218, including $162,423 for the company's contribution to a supplemental executive retirement plan, $85,637 for aircraft use and $45,403 for deferred compensation plan incentive payments.
Duke's other compensation includes contributions to a 401(k) plan, life insurance premiums, the cost of a physical exam, and monitoring and maintenance of home security.
In fiscal 2009, Duke received compensation worth about $29.07 million, including stock options and awards worth $24.6 million on the dates they were granted. Excluding the $11.4 million in stock grants related to his promotion, Duke's salary rose about 9%.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, making the AP total different in most cases than the total reported by companies to the Securities and Exchange Commission.