8-KLeadership ChangesExhibits & Filings

Walmart Inc. 8-K Report, Executive Changes (Jan 17, 2018)

Filed January 17, 2018For Securities:WMT

Summary

This SEC Form 8-K filing from Walmart Inc. (WMT) dated January 17, 2018, announces significant changes in its international leadership. David Cheesewright, the Executive Vice President, President, and CEO of the International segment, has notified the company of his intent to retire effective January 31, 2018. While Mr. Cheesewright will transition to a consulting role for specific projects, his departure marks the end of his tenure leading the company's global operations. The filing details his extensive service since 1999. Concurrently, Walmart has appointed Judith McKenna as the new Executive Vice President, President, and CEO of the International segment, effective February 1, 2018. Ms. McKenna brings a wealth of experience from various leadership roles within Walmart U.S. and its international operations, including her recent role as Executive Vice President and Chief Operating Officer of Walmart U.S. The filing also outlines changes to Ms. McKenna's compensation package and a post-termination non-compete agreement.

Key Highlights

  • 1Retirement of David Cheesewright from his role as EVP, President & CEO of Walmart International, effective January 31, 2018.
  • 2David Cheesewright will continue with the company in a limited consulting capacity for specific projects.
  • 3Judith McKenna appointed as the new EVP, President & CEO of Walmart International, effective February 1, 2018.
  • 4Ms. McKenna has significant prior experience within Walmart, including as EVP & COO of Walmart U.S. and various roles in International.
  • 5Changes to Ms. McKenna's compensation include an annual base salary of $1,040,209 and a target annual cash incentive of 180% of base salary.
  • 6Ms. McKenna received an equity award of 14,897 restricted shares and 50,651 performance-based restricted stock units.
  • 7A post-termination agreement and covenant not to compete was entered into with Ms. McKenna, with specific terms regarding employment termination and non-compete clauses.

Frequently Asked Questions

This filing announces a change in executive leadership for Walmart's International segment. David Cheesewright is retiring from his role as EVP, President & CEO of International, and Judith McKenna has been appointed to succeed him.

Ms. McKenna's new compensation includes an annual base salary of $1,040,209. She is also eligible for an annual cash incentive with a target of 180% of her base salary and a maximum payout of 225%. Additionally, she received an equity award consisting of restricted shares and performance-based restricted stock units.

Yes, Mr. Cheesewright will continue to serve the company on a limited basis for specific projects after his retirement from his executive role.

The non-compete agreement, entered into in 2015, restricts Ms. McKenna from engaging in competing businesses and soliciting Walmart associates for two years following her termination of employment. It also outlines provisions for continued base salary payment by the company if her employment is terminated by Walmart, under certain conditions.