SALT LAKE CITY — A new company filing from Walmart revealed that the company’s CEO Doug McMillon earned $22.8 million in the last fiscal year, which finished Jan. 31.
Meanwhile, the median employee earned $19,177 in the same fiscal year, meaning the CEO earned 1,118 times the median worker, according to CNN.
McMillon’s pay increase is a 2 percent jump from last year.
Walmart has about 2.3 million employees across the globe, which includes both full- and part-time workers.
Walmart spokesman Randy Hargrove told CNN the company has made strides to improve employee wages, including raising the minimum wage to $11 an hour.
"It's about moving people beyond entry-level jobs by giving associates clearer career paths, skills-based training and more control of their schedule," Hargrove said.
Other major companies revealed their CEO’s earnings to shed light about pay disparity within individual companies.29 comments on this story
For example, Macy’s CEO earned $11.1 million in the last fiscal year, which was 806 times higher than the median employee. And at Gap, the CEO earned $15.6 million, which was 2,900 times the median employee, according to CNN.
Meanwhile, Amazon revealed Monday that Amazon CEO Jeff Bezos earned $1.7 million in cash compensation, which is 59 times more than company employees earned (Amazon employees have a median salary of $31,099). Bezos’ base salary sits at $81,840, according to the Observer.
According to economists Dean Baker and Jessica Schieder, company shareholders don’t care about enormous pay differences. In fact, the report said a chief executive’s pay isn’t tied to the CEO’s value within the company.