(TB&P) — John Furner, recently named the next CEO for Walmart U.S., will begin that role on Nov. 1 and his base salary will be $925,000 annually. His base salary as Sam’s Club CEO was $780,827, according to a recent Proxy filing with the federal Securities and Exchange Commission.
Furner is bound by a non-compete clause in his contract for two years should he exit the company. Walmart said it will pay Furner’s base salary for those two years unless his termination involved violations of company policies.
Terms of Furner’s new employment contract were spelled out in an 8K filing with the SEC on Thursday, one day after the board of directors accepted the resignation of Greg Foran, who has held the Walmart U.S. CEO post for five years.
Furner remains eligible for an annual cash incentive under the company’s Management Incentive Plan (MIP) based on performance criteria established by the board. For the company’s fiscal year ending Jan. 31, 2020, Furner’s target cash incentive payment under the MIP will be 180% of his base salary, with a maximum possible payout of 225% of his base salary, according to the filing.
He will continue to be eligible to receive an annual equity award, generally consisting of a combination of restricted stock and performance-based restricted stock rights. Annual equity awards are made to executive officers each January.
To read more of this story, visit our content partner Talk Business & Politics.