How Doug McMillon went from unloading Walmart trucks as a teen to earning $26.9 million as CEO (2024)

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Carl Douglas McMillon was born in 1966 in Memphis, Tennessee, and spent his early years in Jonesboro, Arkansas.

When he was 16, his family moved to the birthplace of Walmart, Bentonville, Arkansas, where his father opened a dental practice.

During the summer, McMillon worked at a Walmart distribution center unloading trucks.

"The highest paying job in Bentonville, Arkansas, in 1984 was the Walmart Warehouse at $6.50 an hour compared to McDonald's at $3.35, so I chose Walmart," McMillon told the Stratechery podcast. ($6.50 an hour in 1984 is worth about $19.79 in today's dollars.)

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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."

Next, McMillon enrolled in the University of Tulsa's MBA program.

While completing his studies, he returned to Walmart as an assistant manager at store #894 in Oklahoma. Soon after, McMillon moved back to his Arkansas hometown to be Walmart's fishing tackle buyer at the corporate headquarters.

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From fishing tackle, McMillon has since worked across food, apparel, home furnishing, baby food, and more.

He worked as a general merchandise manager at Sam's Club (Walmart's wholesale club store) and climbed to a senior VP at Walmart overseeing toys, electronics, and sporting goods.

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In 2006, McMillon got his first truly high-profile job in the company, as CEO of Sam's Club.

McMillon found success by focusing on small business owners, the Wall Street Journal reported.

"The job at Sam's really stretched me to be responsible for everything from club operations to real estate, finance and all the other functions, which was a lot of fun. And I finally started to use my MBA a bit to polish off some of those skills," McMillon told Stratechery.

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After four years leading Sam's Club, McMillon was appointed CEO of Walmart International in 2009.

With the international business, "we were all over the world and operating these different independent businesses, and got a lot more involved in strategy, M&A, and talent development specifically," McMillon told Stratechery.

As CEO, McMillon has extended his leadership beyond retail, seeking to make a positive impact on social issues.

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.

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During the Covid-19 pandemic, Walmart provided essential goods to low-income shoppers and helped strengthen vaccination efforts through out 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.

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.

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In 2020, McMillon also oversaw the launch of the Walmart+ membership program.

The company also launched the Walmart Connect advertising business, express delivery, and curbside pickup at Sam's Club.

2022 tested McMillon and Walmart, as e-commerce growth slowed down and supply chain issues and inflationary issues led to a glut of excess inventory.

The company reported a 32% year-over-year increase in inventory in the second quarter that year.

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McMillon continues to modernize Walmart, expanding drone delivery and advancing the use of generative AI.

"It's a people business and it's a merchandising business," McMillon told Stratechery. "Today, it's increasingly a technology business."

More recently, McMillon has been positioning the 62-year-old retail business as a tech-powered company with advancements in robotics, media, and artificial intelligence.

"We've changed and are changing a lot," McMillon said at the Consumer Electronics Show in January. "I've been asked, how do you even describe Walmart today? We're a people-led, tech-powered, omni-channel retailer dedicated to helping people. We want to help people live better. That starts with saving them money. But it doesn't stop there."

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McMillon is paid handsomely for his work, earning $26.9 million in total compensation in 2023.

By comparison, Target CEO Brian Cornell's most recently disclosed compensation package was $17.6 million, while Craig Jelinek made $16.8 million in his final year as Costco's CEO.

With Walmart's scale, McMillon is also having a significant impact on workers and the environment.

"Under his leadership as president and CEO, Walmart is investing heavily in wages, benefits and education — including a debt-free college program and an expanded parental leave policy," his corporate bio says. "During his tenure, the company also set an aspirational goal to become a regenerative company and launched ambitious work such as Project Gigaton to combat climate change and work with suppliers to avoid 1 billion metric tons of emissions worldwide."

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McMillon says he's often asked for advice on how to climb the corporate ladder like he did.

His top tips: do your job well, be a good teammate, and help solve new challenges.

Ben Tobin and Hannah Towey contributed to previous versions of this story.