Why CEOs Get Paid So Much

Doug McMillon’s success at Walmart shows the value of corporate leadership

WSJ editorial. Excerpts:

"Mr. McMillon pressed the company to grow its own e-commerce capability, which now competes well with Amazon and the rest. He has also been among business leaders who have integrated AI into its store management and other operations to increase productivity—and profitability. Walmart, which imports a huge share of its products, has managed the Trump tariff shock about as well as any company.

One of the hardest tasks in business is to inherit a giant business and continue to grow. Corporate history is full of once-famous business names that failed to adapt. General Electric is the classic tale of rise and fall, but in retail so are Sears, Kmart and many others. Success in business, unlike in government, is a constant struggle tested in a competitive marketplace.

Mr. McMillon’s efforts have paid off for shareholders and workers. Walmart’s annual revenue has grown on his watch from nearly $486 billion to $681 billion in its latest fiscal year. Walmart’s shares have risen some 310% in his tenure, while the company has increased wages and benefits for Walmart’s 2.1 million employees."