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Wal-Mart chief executive sees remuneration slump

Wal-Mart Stores chief executive Michael Duke received a compensation package worth slightly more than $19m (£12.4m) in the financial year ended in January, down sharply from $28.2m a year earlier when he received a big stock award related to his promotion to the top job.

Duke replaced Lee Scott, who retired as chief executive as of 31 January 2009.

Duke’s salary was $1.2m in the latest year, according to the annual proxy statement of the world’s largest retailer, up from $1.1m a year earlier.

He received stock awards of $12.7m, down from $23.7m a year earlier. He also received non-equity incentive payments of $4.8m in fiscal 2010 and $3.1m in fiscal 2009.

In fiscal 2009, Duke received $11.4m in one-time stock awards that will vest over the next several years, a Wal-Mart spokesman said, adding that without the award, Duke’s compensation rose to about $19.2m in fiscal 2010 from about $17m in fiscal 2009. Wal-Mart also said former PepsiCo chairman and chief executive Steven Reinemund, 62, has been nominated to the company’s board of directors to replace Allen Questrom, 70, who has decided to retire.