Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Wal-Mart's Lore earns $244 million * Wal-Mart Stores executive Marc Lore reaped $243.9 million in compensation last year, fueled by shares he received for selling his company to the retail giant.

The package included $236.3 million in restricted stock as part of the buyout of Jet.com. He also received $7.55 million in salary, stock awards and perks.

The compensation puts Lore well ahead of his boss, Wal-Mart Chief Executive Doug McMillon. McMillon was paid $22.4 million, up from $19.8 million the previous year.

The retailer acquired Jet last year in an effort to bolster its online sales.

No waiver for Exxon * ExxonMobil won't be allowed to bypass U.S. sanctions to resume drilling for oil in Russia.

Treasury Secretary Steve Mnuchin said the decision was made after consultation with President Donald Trump. Exxon requested a drilling waiver in 2015 and pushed for approval every few months since then, a person with knowledge of the matter told Bloomberg.

Progress on Exxon's joint venture with Russia's Rosneft was halted in 2014 when the U.S. imposed sanctions to punish Russia for annexing the Crimean peninsula and backing Ukrainian separatists.

United CEO won't be chairman * United Continental Holdings Inc. said Friday that Chief Executive Oscar Munoz will not become chairman in 2018, under an amendment to his employment agreement approved after an uproar over the treatment of a passenger.

Munoz has opted to leave "future determinations related to the chairman position to the discretion of the Board," United said in a Securities and Exchange Commission filing. The company also said it would revise 2017 executive compensation to link incentives with improvements in customer satisfaction. Munoz made $18.7 million in 2016.

Bebe stores will close * Clothing chain Bebe expects to close all its stores by the end of May, making it the latest retail casualty of the migration to online shopping. …

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