When you hear the stories of dreamers, Doug McMillon should be high on the list. From working as a summer associate at Walmart to becoming the company’s CEO and being on its board of directors, this man has come a long way! The Walmart CEO’s net worth is valued at quarter-million dollars. Let’s take a look at how Walmart’s CEO Doug McMillon salary and net worth are a result of his well-established career at Walmart Inc.
Doug McMillon net worth:
Walmart’s CEO net worth comes around $250 million.
Doug McMillon’s net worth and salary statistics
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Income and stocks in Walmart Inc:
This pretty much sums up McMillon’s long career with Walmart. Now, are you wondering how much money does a Walmart CEO make? McMillon has made a large financial gain through his hard work and success. As of 2022, Doug McMillon’s net worth is estimated to be almost 250 million US dollars.
- Stocks in Walmart
McMillon doesn’t just work at Walmart but also owns a large number of stocks in the company. As of 2022, he owns about 9700 units of Walmart Inc. Stock that’s valued at $225,281,445. Over the period of 16 years, he has sold stocks worth more than $2,594,552. In addition to his earnings as a stock holding, McMillon also withdraws a hefty salary from Walmart as its Chief Executive Officer. Doug McMillons income also includes his salary that he makes as a Walmart CEO. Doug McMillons salary income amounts to about $22,105,400 as the President, Chief Executive Officer and Director at Walmart Inc. There is only one other executive who earns more than McMillon, and that is Suresh Kumar who is earning $45,898,700.
McMillon also takes an active role in inside trading at Walmart Inc. Throughout the past 18 years, there has been inside trading of over $45,426,844,888 worth of Walmart stocks. According to the average figures, executives at Walmart trade their stocks every 12 days with the average earning is worth $129,000,224.
Personal Life
Born in Memphis, Tennessee, McMillon moved with his family to Jonesboro, Arkansas during high school. McMillon is the oldest of three siblings. His father was a dentist in the Vietnam War for the US Army. When he was 16, his family moved to Bentonville, Arkansas where headquarter of Walmart is situated. McMillon was a sports enthusiast during high school and played basketball in the Bentonville High Schools basketball team. With a career lifelong career in Walmart, McMillon still lives in Bentonville with his wife, Shelly. The couple has two sons together. Currently, McMillon is 53 years old and the 8th oldest executive at Walmart Inc.Education
McMillon graduated from Bentonville High School and went on to get a BA degree from the University of Arkansas. After graduating, he went on to get a Masters in Business Administration (MBA) from the University of Tulsa. During this time, he contacted an executive at Walmart and said that he was interested in becoming a buyer after completing his MBA. This is where his Walmart journey began.
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Career:
The name Walmart is familiar to everyone. It has become a globally renowned name, even in countries, where the store doesn’t exist. The company’s aim is to help people save money and live better. Walmart continues to amplify better living standards and be a leader in corporate philanthropy, employment opportunities, and sustainability.
- Walmart
McMillon has spent his entire life working for Walmart. At the age of 16, in 1984, he took on his first role with the company during high school. He worked during his summer break. His role included unloading trucks in a Walmart distribution center. A few years later, while pursuing his MBA, he rejoined the company as an Assistant Manager at one of the store’s Tulsa branches in Oklahoma. After the completion of his MBA, he moved back to Bentonville to work at the company’s headquarters. He joined the buyer-training program there. Initially, he was in charge of buying the fishing tackle but later on ventured into different roles as a merchandiser and buyer dealing in furniture, food, clothes etc. He then got promoted to work as a general merchandise manager for Sam’s Club, Walmart’s wholesale store. From there on he moved on to taking executive roles at Walmart.
- Sam’s Club:
In August 2005, Walmart promoted McMillon as the CEO of Sam’s Club. McMillon introduced many new strategies. He focused on the importance of marketing for small businesses. Moreover, he applied the famous selling hack, called “treasure hunt items” by the Wall Street Journal. Treasure Hunt items are a limited selection of luxury items that are placed next to cheap bulk goods at sale prices. These may include high-end jewelry like diamond necklaces or expensive vacation wines. This was a way for Sam’s Club to compete with Costco.
- Becoming the CEO of Walmart:
In February 2009, Walmart decided to shift McMillon to lead their international division. He replaced Mike Duke who then became the CEO of Walmart Inc. Under McMillon’s leadership, the international division’s focus was on improving the international existing market in the Americas, China, United Kingdom, and Canada. One significant area that McMillon worked on was introducing Walmart’s existing low price model to the international markets.
The international division reached new heights when it attained a majority stake in South African Massmart Holdings Limited for US 2.4 million dollars under McMillon. Another milestone during McMillons leadership was the high sale ratio that the international division attained. The sales growth from the international division surpassed that of the US-based stores. It encompassed 29% of the total sales of the company. When McMillon started in his role at the International Division, it comprised of 3300 stores in 14 different countries. By the time he was promoted to the CEO of Walmart Inc., he had expanded the international division to own 6300 stores in 26 countries. He had added 12 new locations to Walmart’s portfolio with an additional of 3000 stores!
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- Making Walmart a trademark:
Towards the end of 2013, Walmart Inc. announced McMillons promotion to CEO and him joining the board of directors. His CEO position was to be in effect from 1st. February 2014. When McMillon joined, it wasn’t the best of times for the company. There was slow growth at the time coupled with increased competition from stores such as Costco, Amazon.com, and smaller chains like Dollar General and Family Dollar. Right after joining, McMillon revamped the whole executive team, made changes to boost Walmart’s e-commerce, and increase the hourly wages of the workers.
While this moved impacted the company negatively in the short run, by lowering profits, McMillan’s point was that it would lead to happier customers and workers, better service, and a more strong position in the retail market. In February 2015, McMillon made the decision to further invest 2.7 billion dollars in higher associate wages, benefits, and training for employees. This also meant an hourly increase to 9 US dollars for the lowest-paid worker. In 2016, this hourly rate was increased to 10 US dollars per hour. This decision had an impact on 40% of the company’s 1.4 million employees. Furthermore, in January 2016, McMillon announced further increases for the majority of the workers with free basic short-term disability for those working full-time at Walmart and a revision of the paid time off program.
- Continued investments in Walmart:
McMillons goal for increased investment was to make a “seamless shopping experience” for the clients. In 2015, he committed 1 million dollars to Walmart’s e-commerce operations. Another high-level goal was to eliminate as much waste as possible and increase the company’s environmental sustainability goal. For example, in 2014, all Walmart’s stores in the USA, UK, Latin America, and Asia replaced its lighting with LED energy-efficient lights. In the 2016 Davor World Economic Conference, McMillon announced three future goals that Walmart would focus on; using renewable energy at the company’s stores, warehouses, offices, etc., eliminate waste as much as possible and use sustainable environmentally friendly packaging for its goods.
McMillon has appeared thrice on the Forbes list of the World’s Most Powerful People, in 2014, 2015 and 2016. He ranked 29th, 32nd and 27th respectively. In ExecRanks list of top CEOs for big company’s, McMillon was ranked no. 4 in 2015.
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Conclusion
McMillon’s career is a classic example of employee loyalty and making it big if you stick around long enough. Where many people in today’s time focus on diversifying their resumes by working at different company’s throughout their career, McMillons portfolio is a perfect example of how sticking to one place and giving it your best, can work in your favor. A small-town kid who started off as a summer internee in Walmart, he probably could not have imagined that he would lead the company one day as its Chief Executive Officer, President, and member of the board of directors. Today, he is one of the most powerful names in the world of commerce with a reputation for fine strategies that have taken Walmart Inc. to new heights! Doug McMillons net worth speaks of his success!
McMillons career is an inspiration for all the young entrepreneurs and people who are starting out their careers. With hard work, vigor, and passion, you can all be the next McMillon!
