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After a blowout year, Walmart (WMT-0.79%) is rewarding its star managers with a pay raise.
Top performing regional managers at the retail giant can now make up to $600,000 per year, according to a report by the Wall Street Journal (NWS+0.66%). So-called market managers, which oversee groups of a dozen stores across the U.S., can bring in between $420,000 and $620,000 with full bonuses this year, up from around $320,000 to $570,000 last year.
Walmart is also raising annual minimum base pay to $160,000, up from $130,000. The maximum a market manager can make in base pay remains at $260,000 a year, according to the Journal.
These increases, which also include stock awards, come as Walmart delivered an exceptional year that transformed its market position. The retailer’s shares surged more than 80% in 2024, pushing its market value to $768 billion after adding $340 billion in market capitalization.
Much of that performance was driven by its success in attracting wealthier shoppers and growth in advertising and marketing revenue, allowing it to emerge as one of the top performers on the S&P 500 Consumer Staples Index.
And the retailer is looking to double-down on that success. Earlier this month, Walmart announced that it would begin offering over 27,000 pre-owned, high-end items on its online marketplace, including coveted pieces from brands like Chanel, Fendi, Prada, and Louis Vuitton.
Meanwhile, Walmart is facing investor backlash over its recent retreat from diversity, equity, and inclusion (DEI) efforts. Over 30 shareholders sent a letter to CEO Doug McMillion last week, accusing the company of bowing to anti-DEI groups.
The group, primarily composed of faith- and values-focused investors, called the pull back “very disheartening” and asked to meet with the company’s senior leadership and board to discuss the shift in policy. Shareholders – including organizations like Amalgamated Bank (AMAL-3.39%) and United Church Funds – have raised concerns about the risks of discrimination and inequities for over 30 years.
Last May, the company said it would slash hundreds of corporate positions and ask a majority of its remote workers to relocate to one of three of its central hubs.
— Francisco Velasquez contributed to this article.