What is Doug McMillon's Net Worth and Salary?
Doug McMillon is an American businessman who has a net worth of $300 million. Doug McMillon serves as the president and CEO of the retail corporation Walmart. He assumed those positions in 2014 after having led the company's international division from 2009 to 2013. Before that, from 2005 to 2009, McMillon led Walmart's Sam's Club division.
Salary and Stock Holdings
Doug McMillon's salary in a typical year is $22 million. Over time he has the ability to earn more than $120 million in stock options after certain milestones.
As of this writing, Doug McMillon owns 1,632,318 shares of Walmart. Using $150 a share, that stake is worth $250 million. Over his two decades at the company, Doug has sold around $140 million worth of Walmart shares.
Early Life and Education
Doug McMillon was born as Carl Douglas McMillon on October 17, 1966 in Memphis, Tennessee as the oldest of three children of Laura and Morris. He was raised in Jonesboro, Arkansas until the age of 16, and then moved with his family to Bentonville, where Walmart is headquartered. There, McMillon attended Bentonville High School, and played as a point guard on the school's basketball team. He went on to attend the University of Arkansas in Fayetteville, from which he earned his BA in 1989. McMillon later earned his MBA from the University of Tulsa in 1991.
Career Beginnings at Walmart
McMillon first became involved with Walmart as a teenager in 1984, when he worked for the company as a summer associate unloading trucks at a distribution center. On his first day of work, he rear-ended his boss's car. Later, while attending his MBA program at the University of Tulsa, McMillon became an assistant manager at a Walmart in Tulsa. He eventually moved back to Bentonville, Arkansas after completing his studies and joined the buyer training program at Walmart headquarters. Initially put in charge of buying fishing tackle, he eventually took on a variety of roles as a buyer and merchandiser, dealing in food, clothes, furnishings, and crafts.
Sam's Club
In the summer of 2005, McMillon was promoted to president and CEO of Walmart's wholesale store division, Sam's Club. Under his leadership, the wholesaler put an emphasis on marketing to small-business customers. McMillon also employed the method of placing expensive premium items next to cheap bulk goods, a move designed to compete with Costco's similar strategy.
Walmart International
McMillon was moved to the head of Walmart's international division in early 2009, replacing Mike Duke, who became CEO of Walmart. With McMillon in charge, the international division focused on improving markets in such countries as Canada, the United Kingdom, and China. Additionally, the division acquired a majority stake in the South African company Massmart Holdings. During McMillon's tenure leading Walmart International from 2009 to 2013, the division's sales growth outpaced Walmart in the United States. By the time McMillon left, Walmart International was operating 6,300 stores in over 25 countries.
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Walmart CEO
On February 1, 2014, McMillon was appointed CEO of Walmart. He took over leadership of the company during a time of lagging growth and increased external competition, with the primary rivals being Costco, Amazon, Kroger, and Safeway. Within his first two years as CEO, McMillon raised wages for hourly workers in the United States, enhanced Walmart's e-commerce presence, and revamped the company's executive team. In early 2016, he announced raises for the majority of Walmart workers, and also offered free basic short-term disability for full-time workers. To expand the company's e-commerce offerings, McMillon invested heavily in online operations to the tune of $1 billion. He also worked to improve Walmart's environmental sustainability by replacing much of its store lighting with LED lights for energy efficiency.
McMillon also sought to make a positive difference in the political sphere while serving as CEO of Walmart. In 2015, he urged Arkansas governor Asa Hutchinson to veto the state's "religious freedom" bill, which he denounced as a threat to the "spirit of inclusion." Also that year, McMillon announced that Walmart would cease selling Confederate flag merchandise and semiautomatic weapons, in response to a mass shooting at a church in Charleston, South Carolina. Later, in 2019, he announced the company would stop selling ammunition for handguns and military-style weapons, a decision catalyzed by a mass shooting at a Walmart in El Paso, Texas.
Personal Life
With his wife Shelley, McMillon has two sons named Blake and Spencer. McMillon is a born-again Christian.
Bentonville Estate
Doug's primary home is a 41-acre estate in Bentonville, Arkansas (the same hometown of Walmart). The property's primary residence is 8,200 square feet.
