Retail in Asia

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Wal-Mart cut former CEO’s pay 73pc in 2013

The pay of Wal-Mart Stores Inc.’s outgoing CEO fell 73 percent in 2013 because he received a lower performance-based bonus and he didn’t get stock awards that are given in anticipation of future performance.

The world’s largest retailer gave Duke, 64, a compensation package worth about USD5.6 million, down from USD20.7 million in the prior year, according to an Associated Press analysis of a regulatory filing on Wednesday. The fiscal year ended on 31 Jan. and Duke was replaced by Doug McMillon, head of Wal-Mart’s international division, on 1 Feb.

McMillon received a compensation package valued at USD25.6 million for 2013. The bulk of the package, USD23 million, is in stock grants over three years that are linked to company performance goals.
 

(Source: CNBC )