How Walmart CEO Doug McMillon went from unloading Walmart trucks as teen to earning $25.7M in total compensation

Carl Douglas McMillon was born in 1966 in Memphis, Tennessee. When he was 16, his family moved to 'the birthplace of Walmart' — Bentonville, Arkansas. During the summer, McMillon worked at the Walmart distribution center unloading trucks.

After graduating from the local public high school, McMillon set off for the University of Arkansas in Fayetteville. He graduated in 1989 with a bachelor's degree in business administration. His Instagram bio, "Husband. Father. Razorback. Gadget geek. Retail lifer. Proud Walmart associate," nods to the university's mascot, a razorback hog known as "Big Red."

The next year, McMillon enrolled in the University of Tulsa's MBA program. While completing his studies, he started working in the athletic department of a local Walmart as a buyer trainee. Soon after, McMillon made the move to the Walmart headquarters back in his Arkansas hometown.

Source: Fortune

McMillon has worked across food, apparel, home furnishing, baby food, and more, according to Bloomberg Businessweek. He worked as a general merchandise manager at Sam's Club (Walmart's wholesale store) and climbed to a senior VP at Walmart overseeing toys, electronics, and sporting goods.

Source: Bloomberg Businessweek

In 2006, McMillon got his first truly high-profile job in the company, as CEO of Sam's Club. According to The Wall Street Journal, that's where he made his reputation by focusing on small business owners.

Source: The Wall Street Journal 

Under McMillon, Walmart brought its "everyday low prices" mantra to the rest of the world. This was just one strategy that led to his promotion to CEO in 2014.

As CEO, McMillon has used his leadership skills beyond retail, seeking to make a positive impact on social issues. He has been called one of the most 'woke' CEOs in the country and was named 'the most connected CEO' in the Brunswick Group's Connected Leaders Survey.

In 2019, Walmart announced it would stop selling e-cigarettes after vaping-related lung injuries were linked to 530 hospitalizations and eight deaths. That year, Walmart also announced it would limit the sales of guns and ammunition in the wake of two deadly shootings at Walmart stores in El Paso, Texas, and Southaven, Mississippi.

McMillon was named chairman of Business Roundtable, a nonprofit that promotes business through public policy, in 2019. He currently serves on the group's board of directors.

Following the murder of George Floyd, McMillon condemned racial violence and pledged that Walmart would provide mentorship and funding to help advance racial equity. The company donated a total of $14 million to 16 different nonprofit organizations and set a goal to donate $100 million over five years to fight systemic racism.

As the Covid-19 pandemic took hold, Walmart provided essential goods to low-income shoppers and helped strengthen vaccination efforts throughout the country. In February 2021, McMillon urged Congress to pass another stimulus check, referencing Walmart spending data as proof that families need more money to buy essentials like groceries.

In 2020, McMillon also oversaw the launch of the Walmart+ membership program, the Walmart Connect advertising business, express delivery, and curbside pickup at Sam's Club.

McMillon earned $25.7 million in total compensation in fiscal 2022. He and wife Shelley McMillon are philanthropists who've donated millions to various causes.

"My optimism is higher than it was at the beginning of the year," McMillon said on a post-earnings call in May 2022. "In the US, economic stimulus is clearly having an impact." McMillon's optimism has the numbers to back it, with fiscal 2022 earnings expected to increase by high single digits.

Source: Reuters

 

But 2022 has tested McMillon and Walmart, as e-commerce growth slowed down and supply chain issues and inflationary issues led to a glut of excess inventory. After the second quarter of the year, the company reported a 32% year-over-year increase in inventory.

And in November, McMillon had to lead Walmart through a tragedy. A store employee shot and killed six fellow employees before killing himself at a Walmart in Chesapeake, Virginia.

As 2022 comes to an end, McMillon said that inflation is more manageable —but that above-average levels of theft could lead to store closures or price increases.

Max Nissan contributed reporting to an earlier version of this article.