BENTONVILLE (dpa-AFX) - Walmart Inc. (WMT), headquartered in Bentonville, Arkansas, and operating nearly 4,700 U.S. namesake stores, announced on Monday that starting with the company's new fiscal year - commencing Thursday - U.S. store managers will be eligible to receive up to $20,000 in Walmart stock grants annually.
The size of the stock grant will be based on the Walmart store format, with managers of Supercenters receiving the most at $20,000, followed by Neighborhood Market and 'Division 1' store managers at $15,000, and Hometown store managers at $10,000. The stock will vest over three years, with a percentage vested each quarter.
Additionally, the retailer disclosed that it would raise the starting base pay for store managers and that bonuses could reach up to 200 percent of the base salary, factoring in a store's profitability.
The moves follow an announcement made earlier in the month that it would raise the starting base pay for store managers. The pay raise and bonus change will also be effective Thursday.
CEO of Walmart's U.S. division, John Furner, emphasized that the company is seeking a more owner-like mindset from its managers, highlighting the existing employee stock program and the new stock grants as steps toward this goal. Furner pointed out that around 75% of Walmart store managers began in hourly roles, and the company does not mandate a college degree for consideration for the position.
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