Wal-Mart chief’s ’07 earnings disclosed
Posted on Wednesday, April 23, 2008
Wal-Mart Stores Inc. paid its president and chief executive officer $ 29. 61 million in 2007, according to the proxy statement the company filed with the U. S. Securities and Exchange Commission on Tuesday.
H. Lee Scott was paid $ 10. 61 million in salary, nonequity incentives and other forms of compensation — plus stock options and restricted shares valued at $ 19 million when granted Jan. 21.
Wal-Mart’s fiscal year ended Jan. 31.
Scott separately received $ 6. 84 million from the exercise of stock options and awards from the Bentonvillebased retailer.
According to the proxy statement, Scott received more than $ 23. 63 million in total compensation in 2006 — nearly $ 6. 31 million in salary and bonuses.
On Monday, Wal-Mart was ranked the nation’s top company on the Fortune 500 list, besting Exxon Mobil for the second year in a row. The Fortune rankings are based on total revenue.
For fiscal 2008, Wal-Mart’s revenue was $ 378. 8 billion, up 8. 6 percent from $ 348. 7 billion. Net income from continuing operations was $ 12. 7 billion, up 12. 3 percent from $ 11. 3 billion. Earnings per share for the year were $ 3. 13, up from $ 2. 71.
Wal-Mart aggressively slashed prices in the fourth quarter to push revenues over $ 100 billion. Some analyst say Wal-Mart is well positioned as consumers look for low prices on necessities in uncertain economic times.
Shares of Wal-Mart closed at $ 56. 55, up 17 cents or 0. 30 percent in Tuesday trading on the New York Stock Exchange. Shares have traded as low as $ 42. 09 and as high as $ 57. 36.
Wal-Mart’s Executive Vice President and Chief Financial Officer Thomas Schoewe was paid $ 3. 08 million in salary, nonequity incentives and other forms of compensation. He was paid $ 3. 6 million in stock options and restricted shares as valued on Jan. 21.
Schoewe received $ 1. 29 million from the exercise of stock options and awards in 2007.
John Menzer, vice chairman and chief administrative officer, was paid $ 5. 63 million in salary, nonequity incentives and other forms of compensation. Menzer retired from Wal-Mart on March 1, so he was not eligible to receive any payments in stock options or restricted shares.
Menzer received $ 2. 43 million from the exercise of stock options and awards in 2007.
International Vice Chairman Michael Duke was paid $ 5. 89 million in salary, nonequity incentives and other forms of compensation. He was paid $ 7 million in stock options and restricted shares valued on Jan. 21.
Duke received $ 2. 22 million from the exercise of stock options and awards in 2007.
Eduardo Castro-Wright, executive vice president and president and chief executive officer of Wal-Mart Stores division, was paid $ 3. 37 million in salary, nonequity incentives and other forms of compensation. He was paid $ 9. 5 million in stock options and restricted shares valued on Jan. 21. Castro-Wright received $ 621, 795 from the exercise of stock options and awards in 2007.
To contact this reporter: sroberts@arkansasonline. com
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