No discussion needed in Arkansas.
Shareholders of Walmart Inc. (WMT) - Get Report rubber-stamped a slate of 11 nominated directors, electing them to its board at an annual meeting on Wednesday, May 30, in Rogers, Ark., including Stephen J. Easterbrook, president of CEO of McDonald's Inc. (MCD) - Get Report , who has been in his post at the fast-food giant since 2015.
Re-elected directors include Timothy P. Flynn, who joined the board in 2013 and was the chairman of KPMG International; Sarah J. Friar, who joined earlier this year and is CFO of Square Inc. (SQ) - Get Report ; Carla A. Harris, who joined in 2017 and is the vice chairman of wealth management and head of multicultural client strategy at Morgan Stanley (MS) - Get Report ; Thomas W. Horton, who joined in 2014 and is a senior adviser at Warburg Pincus LLC; Marissa A. Mayer, who joined in 2012, and is founder of Lumi Labs Inc. and former president and CEO of Yahoo! Inc.; Doug McMillon, Walmart's CEO and president, who joined in 2013; Gregory B. Penner, the current chairman, who joined the board in 2008; and Steven S. Reinemund, who joined in 2010 and is retired dean of business and professor of leadership and strategy at Wake Forest University. Also elected were Walton family members S. Robson Walton, who joined the board in 1978, and Steuart L. Walton, who joined in 2016.
James I. Cash Jr., a former business professor at Harvard Business School, who had served since 2006; and Kevin Y. Systrom, CEO and co-founder of Instagram, who had been on the board for four years, did not stand for re-election.
Shareholders also approved "on an advisory basis" compensation for McMillon and four other Walmart executives, including M. Brett Biggs, CFO; Gregory S. Foran, president and CEO of Walmart U.S.; John R. Furner, president and CEO for Sam's Club; and Marc E. Lore, president and CEO of Walmart U.S. eCommerce. The company ties pay to performance and the executive's effectiveness in meeting company goals. In 2018, McMillon racked up "realized pay" of $26.4 million, up from $19.65 million in 2017. Realized pay includes base salary, annual incentive earned for and restricted stock for the appropriate fiscal year and performance-based equity.
Shareholders also ratified the appointment of independent accountants Ernst & Young for fiscal year 2019.
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