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The country’s largest retailer will now hand out stock grants to store managers as part of their compensation packages. Walmart announced the change on Monday, in addition to pay increases made earlier this month.
Store managers can currently receive equity grants of up to $20,000 per year for the largest stores, and smaller store managers can receive grants of $15,000 or $10,000.
Earlier this month, Walmart already increased pay for store managers by an average of 9% to $128,000 a year, and increased bonus compensation to up to 200% of salary. The move will prevent key management departures.
The company’s stock price has soared in recent years, rising 75% over the past five years. The stock rose about 0.5% on Monday on the news, closing just shy of its all-time high of $165 per share.
Walmart’s executive vice president, Cedric Clark, described the increase in executive compensation as an “investment.”
“We believe that an investment in our customers is an investment in our culture, our core values and the daily experience of every employee in each of our stores,” he said earlier this month. “An investment in you is an investment in our future.”
According to the company, Walmart has more than 10,000 stores in the United States and employs more than 1.6 million people. The company is the nation’s largest private employer.
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