Ex-Wal-Mart CEO Duke retired with $140 million

mike duke retirement
Mike Duke retired as CEO of Wal-Mart on Jan. 31, 2013.

Mike Duke, who retired as CEO of Wal-Mart Stores Jan. 31, saw the value of his retirement account jump more than 23% to $140.1 million in his last year at the company.

During that same period, Wal-Mart (WMT) shares increased 7%, trailing gains in the broader market.

Company spokesman Randy Hargrove said that Wal-Mart's top executives can defer a portion of their pay into an account they'll receive when they leave the company, or on a specified date. Duke deferred a portion of his stock and option grants over a number of years.

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The value of Duke's retirement account jumped as shares that were already in his account vested, according to Hargrove.

Duke's pay for his final year as CEO fell sharply, to $5.6 million from $20.7 million. The decline was attributable to the fact that he didn't get any additional stock award, while he had received $13.6 million in stock during the previous fiscal year.

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Duke, 64, continues to serve on the company's board of directors.

Duke's successor as CEO, C. Douglas McMillion, saw his pay package more than double during his last year as Wal-Mart's executive vice president, rising to $25.6 million from $9.6 million a year earlier. But Hargrove said $23 million of that is a stock grant to be paid out over three years.

McMillion's deferred compensation account also got a big boost, up 24% to $51.7 million.

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