Wal-Mart CEO earned less on income, sales results
By Jessica Wohl
(Reuters) - Wal-Mart Stores Inc (WMT.N: Quote) Chief Executive Mike Duke earned $18.1 million last year, down from $18.7 million a year earlier, as the company's operating income and sales growth fell short of goals.
Wal-Mart also said Google Inc (GOOG.O: Quote) executive Marissa Mayer would stand for election to the Wal-Mart board at the company's annual shareholders meeting on June 1. If elected, Mayer would become the sixteenth member of the board.
While the company's huge Walmart U.S. retail operation finally reversed its prolonged sales slump last year, overall performance and results at both Walmart U.S. and the retailer's international unit fell short of expectations.
Duke's cash incentive payment for fiscal 2012, ended January 31, fell to $2.88 million from $3.85 million a year earlier and $4.8 million in fiscal 2010, Wal-Mart said in a regulatory filing on Monday. Duke earned 71 percent of his target cash incentive payment for fiscal 2012, down from 97.4 percent in fiscal 2011 and 125 percent in fiscal 2010.
ONE OF FIVE STRATEGIES
The board's nomination of Mayer, 36, underscores Wal-Mart's desire to become a better online and mobile destination for shoppers.
"We are on the cusp of a massive transformation in the way people shop in our increasingly connected world," Wal-Mart Chairman Rob Walton said in a statement. "Marissa's insights and expertise in the technology and consumer areas are valuable assets to Walmart as we move forward."
In a letter to shareholders, Duke outlined five strategies for Wal-Mart's future, starting with development of the company's people. Winning in global e-commerce was third on the list. Continued...