Wal-Mart Stores said Monday its Chief Executive Mike Duke took a 3 percent pay cut in 2011 as the world’s biggest retailer saw its sales growth fall short of its goals.
Duke earned $18.1 million in the company’s most recent fiscal year, which ended Jan. 31, 2012. That’s down from $18.7 million in the prior year, the company said in a regulatory filing. Other executives also saw their total pay reduced in 2011, including CFO Charles M. Holley, Jr., and Executive Vice Presidents William S. Simon and Brian C. Cornell, the filing showed.
Wal-Mart has struggled since the downturn of 2008 as its core, low-income customers have been hit hard by job losses and the retailer has moved away from a low-price strategy. Late last year Wal-Mart reversed sales slump that had lasted for more than two years.
Duke has served as president and CEO of Wal-Mart since Feb. 1, 2009, having joined the company in July 1995.