Wal-Mart CEO gets $22M in stock as reward

March 10, 2007 11:00 pm

The Associated Press

BENTONVILLE, ARK. — Wal-Mart Stores Inc. has awarded its chief executive officer a stock bonus worth $22 million for reaching revenue targets, the retail giant disclosed Friday in a regulatory filing.

The compensation committee of Wal-Mart's board voted Wednesday to make the award to Lee Scott and also grant shares to other executives.

Wal-Mart operates a store in Crescent City.

Scott's salary and bonus for 2006 was $5.23 million. His total compensation for that year was, excluding restricted stock awards, was $15.7 million. The $22 million bonus was for Wal-Mart's 2007 fiscal year, which ended Jan. 31.

The filing Friday says Scott was awarded 459,348 Wal-Mart shares, which will be 50 percent vested in three years and fully vested in five years. The award brings Scott's total Wal-Mart holding to 1,185,002 shares, worth $56.8 million, based on the share price of $47.93 listed in the filing.