Walmart managers to earn up to $20,000 in company stock grants annually, CEO says
Walmart store managers will receive an annual grant of company stock starting this year, just weeks after Walmart promised wage increases and bonus programs for current and future employees and store managers.
In a LinkedIn post Monday, John Furner, president and CEO of Walmart U.S., said store managers will receive an annual grant of Walmart stock starting in April. The amount is based on store format, and superstore managers, the largest stores that Walmart operates, will receive $20,000 in stock every year.
"A Walmart store manager is running a multimillion dollar business and managing hundreds of people," Furner said in the LinkedIn post. "And it's a far more complex job today than when I managed a store. We ask our managers to own their roles and act like owners. And now, they'll literally be owners."
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Walmart has recently announced pay increases for employees
Monday's announcement follows the recent news of pay raises coming this year for present and future Walmart employees.
Starting Feb. 1, both Walmart's wages and bonus programs are changing, after nearly a decade of no changes to store managers' pay structures. Base pay for store managers will increase from $117,000 to $128,000 a year, and depending on a store's profit, annual bonuses could reach up to 200% of a store manager's salary.
Along with salary increases for managers, comes an increase for the company's hourly workers. Clark, who started as an hourly worker in a Washington state Walmart, said the company will invest in its non-salary workers by increasing the hourly wage to over $18.
Contributing: Emilee Coblentz, USA TODAY.