New York City Lee Scott, who retired as the president and CEO of Wal-Mart Stores in January, received compensation valued at $7.93 million in 2008, according to an Associated Press calculation of figures disclosed in a regulatory filing late Monday.
Scott’s compensation dropped 73% from the previous year.
Scott received a base salary of $1.45 million last year, up 4% from $1.4 million the year before. He received a performance-based cash bonus of $5.82 million, down about 30% from the $8.4 million he received in 2007. And he received perks that totaled $652,485 in 2008, up more than 50% from $431,446 in 2007.
Scott's successor, Mike Duke, who had been vice chairman of the company's international division, received compensation valued at $6.49 million in 2008. The executive changes were announced in late November.
Wal-Mart's fourth-quarter profit fell 7.4% to $3.79 billion in the quarter ended Jan. 31, dragged down by the strong dollar and a charge from settling labor lawsuits. The company made $4.096 billion a year earlier.
Excluding the impact of the labor lawsuits, however, Wal-Mart’s total sales rose to $109.12 billion from $107.34 billion.