Wal-Mart's U.S. CEO Simon to retire, Foran named replacement - MarketWatch

Wal-Mart's U.S. CEO Simon to retire, Foran named replacement - MarketWatch

Wal-Mart Stores WMT -0.90% said the chief executive of its Walmart U.S. division, William Simon, has agreed to retire, effective Aug. 8. Wal-Mart shares fell 1.1% in premarket trade. Simon will receive $4.5 million in multiple installments through July 2016 as part of his retirement agreement. Simon will also forfeit 66,626 shares of restricted Wal-Mart common stock, as well as 225,776 "performance shares" in connection with his retirement. Meanwhile, 56,787 shares, which were originally set to vest between January 2015 and January 2016, will now be vested when Simon retires. Gregory Foran, previously CEO of a management team responsible for retail operations in Asia, will take Simon's place. Foran will receive an annual salary of $950,000 and be eligible for cash incentives

$4.5 million in multiple installments, good reason to retire for sure.