01—Abstract
Summary
Summary of the 8-K filed October 22, 2025. Cited figures are marked; the original filing is the authoritative source.
Walmart Inc. has announced a key executive change, appointing Dwayne Milum as the new Senior Vice President and Controller, effective February 1, 2026.
In this crucial role, Mr. Milum will also serve as the Company's principal accounting officer. This transition follows a successful tenure for Mr. Milum as Senior Vice President and Chief Audit Executive, and prior leadership roles within Walmart International. His appointment signifies a strategic move in financial leadership, ensuring continuity and leveraging extensive internal experience.
This appointment comes with a new compensation structure designed to align Mr. Milum's incentives with company performance. His compensation package includes an annual base salary of $600,000,a eligibility for an annual cash incentive under the Management Incentive Plan (targeting 50% of base salary for FY2027), and significant equity awards.
These equity grants, including performance-based restricted stock units and time-based restricted stock, are structured to encourage long-term value creation and retention, with vesting tied to performance goals and tenure. The company also highlighted standard employment terms, including an at-will relationship and a non-compete agreement with provisions for continued salary payment under specific termination circumstances.
02—Key points
Key Highlights
- Dwayne Milum appointed Senior Vice President and Controller, effective February 1, 2026, also assuming the role of Principal Accounting Officer.
- Mr. Milum has an extensive history with Walmart, including previous roles as Senior Vice President and Chief Audit Executive and leadership within Walmart International.
- David Chojnowski will transition from Senior Vice President and Controller to Senior Vice President, Treasurer and Tax, effective January 31, 2026.
- Mr. Milum's new compensation includes an annual base salary of $600,000.
- He is eligible for an annual cash incentive, targeting 50% of base salary for fiscal year 2027.
- Significant equity awards for fiscal year 2027 include performance-based RSUs valued at $1,125,000 and restricted stock valued at $375,000.
- Mr. Milum's employment is at-will, and he will enter into a one-year non-compete agreement post-termination, with provisions for continued salary payment in certain termination scenarios.
03—Questions
Frequently Asked Questions
Who is Dwayne Milum and what is his new role at Walmart?
Dwayne Milum has been appointed as the new Senior Vice President and Controller of Walmart Inc., effective February 1, 2026. In this capacity, he will also serve as the Company's principal accounting officer. Mr. Milum has a long-standing history with Walmart, most recently serving as Senior Vice President and Chief Audit Executive.
What is the compensation package for Dwayne Milum?
Mr. Milum will receive an annual base salary of $600,000. He is also eligible for an annual cash incentive under the Management Incentive Plan, with a target of 50% of his base salary for fiscal year 2027. Additionally, he will receive equity awards, including performance-based restricted stock units with a target value of $1,125,000 and restricted stock valued at $375,000 for fiscal year 2027, subject to vesting conditions.
What happens to David Chojnowski's role?
David Chojnowski will transition from his current role as Senior Vice President and Controller at the close of business on January 31, 2026. He will then assume the position of Senior Vice President, Treasurer and Tax.
Are there any special employment terms for Mr. Milum?
Mr. Milum's employment with Walmart will be on an at-will basis. He will enter into a Post-Termination Agreement and Covenant Not to Compete. This agreement will prohibit him from participating in a competing business for one year following termination. It also stipulates that if his employment is terminated by the Company for reasons other than policy violations, Walmart will continue to pay his base salary for up to one year.
04—Continue