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Wal-Mart to award $2 billion to U.S. hourly employees says CEO Michael T. Duke

By Amarendra Bhushan for CEOWORLD Magazine Updated:March 19, 2009

Wal-Mart Stores Inc is giving approximately $2 billion to its U.S. hourly employees through financial incentives, including handing out $933.6 million in, after the world’s largest retailer gained market share amid a recession.

In a memo distributed to Wal-Mart employees, Wal-Mart CEO Mike Duke said the retailer is awarding roughly $2 billion to U.S. hourly employees, which includes $933.6 million in bonuses, $788.8 million in profit sharing and 401(k) contributions, millions of dollars in merchandise discounts, and contributions to its employee stock purchase plan.

Michael T. Duke

Mike Duke is the president and chief executive officer of Wal-Mart Stores, Inc. From 2005 to February 2009, he served as vice chairman of the company, leading Wal-Mart International. Under his leadership, the company’s International business became a fast- growing part of Wal-Mart’s overall operations with over 3,500 stores and 680,000 associates in 15 markets outside the continental United States.

In leading Wal-Mart’s expansion into mature and emerging markets, Duke built a strong international management team that delivered excellent operational results in a complex global environment. As a stand alone business, Wal-Mart International would be one of the most successful global retailers, with annual sales of almost $100 billion in 2008.

Duke joined Wal-Mart in 1995. Since then, he gained broad experience throughout the company, leading the Logistics, Distribution and Administration Divisions as well as U.S. Operations. As vice chairman, Duke was actively involved in developing and executing corporate strategy. He has focused on setting higher standards of excellence for the company’s resources and people –from the redesign of logistics and merchandise distribution systems to the recruitment of talent and development of strong teams.

Prior to joining the company, Duke had 23 years of experience in retailing with Federated Department Stores and May Department Stores.

Duke graduated from Georgia Tech with a bachelor’s degree in industrial engineering. He serves on the board of directors of Wal-Mart Stores, Inc. as well as CIES-The Food Business Forum, and is on the Executive Board of Conservation International’s Center for Environment Leadership in Business. Duke also serves on the University of Arkansas Board of Advisors.

Duke and his wife, Susan, have two daughters and a son. They are active in their church and community.

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