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.