Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.

Recs

1

Wal-Mart Picks a New CEO

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

Wal-Mart (NYSE: WMT  ) will get a new CEO next year.

On Monday, Wal-Mart announced that its board of directors has named Doug McMillon to join its ranks immediately as a sitting director. Effective Feb. 1, McMillon will also assume the titles of president and chief executive officer of the company, replacing current President and CEO Mike Duke.

Calling McMillon "a merchant at heart," Wal-Mart Chairman Rob Walton noted that the executive has served in "successful senior leadership roles in all of Walmart's business segments," and has "delivered strong financial performance" during his recent tenure as executive vice president and president and chief executive officer for Wal-Mart International. McMillon will continue to head up Wal-Mart International prior to assuming leadership of the entire company.

In a filing with the SEC, Wal-Mart disclosed that after stepping down from the CEO's position, Duke will still receive a $1.1 million annual salary as a "Walmart Associate." He will not, however, be eligible to participate in the company's management incentive plan. Duke will also forfeit all 157,895 target performance shares he received on Jan. 28, 2013.

His restricted stock and performance shares, already earned, will continue to vest through Jan. 31, 2015. Moreover, restricted stock grants for 52,632 shares that were originally scheduled to vest on Jan. 28, 2016, will now accelerate to vest on Jan. 31, 2015.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2742431, ~/Articles/ArticleHandler.aspx, 8/2/2015 8:43:23 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Rich Smith
TMFDitty

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

Today's Market

updated 1 day ago Sponsored by:
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASD 5,128.28 -0.50 -0.01%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

7/31/2015 4:01 PM
WMT $71.98 Down -0.18 -0.25%
Wal-Mart Stores CAPS Rating: ***

Advertisement