Doug McMillon, the outgoing chief executive of global retail behemoth Walmart, earned a staggering sum equivalent to nearly Rs 1.45 lakh every thirty minutes during his final year at the helm, as per a recent report. McMillon, who led the company since 2011, is set to step down later this month, concluding a tenure that saw Walmart solidify its position as the world's top grocery retailer.
Breaking Down The Multi-Million Dollar Pay Package
According to company filings analysed by Fortune, McMillon's total compensation for his last year amounted to a massive $27.5 million, or approximately Rs 248 crore. This pay package was not just a simple salary. It comprised a base salary of $1.5 million, substantial stock awards valued at $20.4 million, and an additional $4.4 million in non-equity incentive pay, rewarding performance.
When spread across the working year, this compensation translates to an eye-watering $3,127 per hour. To put it in an even more granular perspective, McMillon earned about $52 every single minute. This final payday caps a remarkable corporate journey that began four decades ago on the shop floor.
A Stark Contrast: From Warehouse to Corner Office
Walmart frequently highlights McMillon's career trajectory as the quintessential corporate success story. He first joined the company back in 1984 as an hourly warehouse worker, earning $6.50 an hour to unload trailers. The contrast between his starting wage and his final compensation as CEO could not be more dramatic.
This disparity extends far beyond his personal story. Data from US labour statistics indicates that the average American worker earns about $62,088 annually. At McMillon's hourly pay rate, he would surpass the typical American's yearly income in less than 20 hours of work.
The gap becomes even more illustrative in terms of major life purchases. While many Americans spend years, even decades, saving for a home, McMillon's earnings meant he could accrue the US median home price of roughly $439,000 in under six standard working days.
Not an Isolated Case: The Landscape of CEO Pay
While McMillon's figures are astounding, they are not an outlier in the realm of top-tier corporate leadership. In 2024, Apple's Tim Cook took home $74.6 million. Tesla's Elon Musk approved a colossal compensation package for himself that drew significant criticism for exacerbating wealth inequality.
An analysis by Equilar, cited by Fortune, points to an even more extreme example. Rick Smith, CEO of defence-tech firm Axon, earned a whopping $164.5 million in 2024. These figures collectively paint a picture of a significant and growing divide between C-suite executives and the average employee.
McMillon's tenure, which began on February 1, 2011, was financially successful for Walmart. Under his leadership, the company reported annual revenues soaring to around $905 billion, cementing its dominance in the global retail landscape. As he prepares to pass the baton, the conversation around his compensation underscores ongoing debates about income inequality, corporate governance, and the value assigned to top executives.
