Summary
This 8-K filing from Walmart Inc. announces a key leadership change in its financial reporting function. Steven P. Whaley, Senior Vice President and Controller, will retire at the end of 2016 after nearly a decade in the role. He will transition to a senior vice president role until his retirement on January 31, 2017. David Chojnowski has been appointed as the new Senior Vice President and Controller, effective January 1, 2017, and will also serve as the principal accounting officer. Chojnowski brings extensive experience from within Walmart's U.S. and International divisions, as well as prior experience at Burger King. His appointment includes a competitive compensation package, including a new base salary, incentive plan eligibility, and equity awards, alongside a standard non-compete agreement.
Key Highlights
- 1Steven P. Whaley, Senior Vice President and Controller, is retiring effective December 31, 2016, after serving since 2007.
- 2Mr. Whaley will remain with Walmart in a transitional Senior Vice President role until January 31, 2017.
- 3David Chojnowski has been appointed as the new Senior Vice President and Controller, effective January 1, 2017.
- 4Mr. Chojnowski will also assume the role of Principal Accounting Officer.
- 5Mr. Chojnowski has a strong internal track record, previously serving as VP and Controller of Walmart U.S. and in international finance roles.
- 6The new role for Mr. Chojnowski includes an annual salary of $430,000, eligibility for annual cash incentives (target 104% of base salary), and annual equity awards.
- 7A post-termination agreement and non-compete agreement have been entered into with Mr. Chojnowski, including a two-year salary continuation if terminated without cause.