Walmart C-suite shake-up sparks multi-million dollar pay day

Walmart is a retail Goliath by any measure. It operates 10,800 stores worldwide, including 4,606 locations in the United States, does $681 billion in sales annually, including $121.9 billion internationally, owns the Costco Wholesale rival Sam's Club, and rakes in over an estimated $120 billion per year from e-commerce.

Running a company of that size isn't easy. Decisions have to be made in the moment that can impact sales, profits, workers, and customer satisfaction. Make a misstep, and it can be incredibly painful for the brand. Just ask former TargetCEO Brian Cornell, who landed on the hot seat in 2024 amid widespread criticism over both "woke" and "non-woke" decisions.

Walmart quick facts at-a-glance:

• 10,800 stores and clubs
• 19 countries
• 2.1 million employees worldwide, including 1.6 million in the U.S.
• Annual revenue: $681 billion (2025)
• Annual net income: $20.2 billion (2025)
  Source: Walmart SEC filings.

Having the right people at the helm is critical, and once you find a leader capable of excelling under the pressure, you don't want to lose them -- until you have to.

Walmart CEO Doug McMillon, a 40-year veteran of Walmart, was one of those rare leaders who successfully presided over a big company through an incredibly transformative tenure that included navigating Covid shutdowns, creating a fierce third-party marketplace to rival Amazon, building Walmart+, a membership program similarly aimed at Amazon, instituting a major expansion overseas, including in India(BHARAT) and China, and navigating the highest tariffs since the 1930s.

McMillon's reign at the helm of Walmart ends January 31, 2026. When he retires, he'll hand the keys to incoming CEO John Furner (another long-time Walmart vet).

Ahead of the transition, Furner made a series of promotions this month, clearing the slate as he builds out a leadership team to manage the big-box giant through its next iteration. The moves included SEC filings detailing compensation totaling over $20 million, once again raising questions over the pay gap between C-suite executives and Main Street workers.

Walmart CEO compensation totals $28.5 million

Few people can say they run one of the biggest companies on the planet, and unsurprisingly, Furner will be paid handsomely for running Walmart's global empire.

An SEC filing this month reveals that Furner will receive a salary of $1.5 million, plus a stock award and a “one-time award of performance-based restricted stock units,” according to Retail Dive.

The stock award for fiscal 2027 totals $17 million, while Furner's RSUs are valued at roughly $10 million, according to an 8-K SEC filing.

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Furner's newly appointed members of his leadership team will also be handsomely rewarded, based on an 8-K filing with the SEC.

David Guggina, Walmart's current chief e-commerce officer for Walmart U.S., is being elevated to replace Furner's soon-to-be-vacant role as CEO of Walmart U.S. At the same time, Sam's Club U.S. CEO Chris Nicholas got the nod to become Walmart International's CEO, replacing Kathryn McLay, who will leave the company after the first quarter.

Seth Dallaire, Walmart's chief U.S. growth officer, will see his role expanded to Walmart Inc., and Latriece Watkins, chief merchandising officer for Walmart U.S., will take on the CEO title for Sam’s Club U.S., reports Retail Dive.

Retail CEO total compensation (2024):

• Walmart CEO Doug McMillon: $27.4 million
• Target CEO Brian Cornell: $20.4 million
• Costco Wholesale CEO Ron Vachris: $12.2 million
• Kohl's Corp CEO Ashley Buchanan: $20.9 million
• BJ Wholesale Club CEO Bob Eddy: $13.6 million
• TJX Companies CEO: Ernie Herrman: $23.5 million
• Kroger CEO Rodney McMullen: $15.6 million
  Source: AFL/CIO

Guggina, Nicholas, and Watkins will receive annual base salaries of $975,000, $1 million, and $925,000, respectively, according to a separate SEC filing. They can also receive millions of dollars in equity grants this year.

The compensation is significant but broadly in line with rivals. Still, the pay is far north of the roughly $58,000 per year earned by Walmart Department Managers, according to Glassdoor. The average wage for full-time hourly workers is $15.96, according to Payscale.

Walmart preps for AI commerce wave

Technology is increasingly being deployed within Walmart, with self-checkout replacing cashiers, and artificial intelligence improving supply chains.

The transition to AI-assisted shopping is likely to accelerate under Furner.

Related: Walmart adds exclusive new Coca-Cola product

As Retail Dive reported earlier this month, Walmart appointed veteran tech  CEO Shishir Mehrotra to its board of directors. Mehrotra's track record in co-founding an AI platform, Coda. However, he's perhaps better known from his time as YouTube's Chief Product Officer and Chief Technology Officer. The move strengthens the board's understanding of technology at a critical juncture as AI commerce takes root.

At the National Retail Federation’s 2026 Big Show in New York City earlier this month, Furner presented alongside Google and Alphabet CEO Sundar Pichai to discuss AI's role in retail, announcing plans to create an AI-assisted shopping experience directly within Google’s AI chatbot Gemini.

“It’s a really dynamic moment for every industry, especially retail," said Pichai. "We want to use our full stack approach to help you shape this next chapter of retail."

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