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[8-K] Walmart Inc. Reports Material Event

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Walmart Inc. appointed Dwayne Milum as Senior Vice President and Controller, effective February 1, 2026, and designated him as the company’s principal accounting officer. Milum has served as Senior Vice President and Chief Audit Executive since April 2022 and previously was Vice President and Controller for Walmart International. David Chojnowski will remain Senior Vice President and Controller until January 31, 2026, then transition to Senior Vice President, Treasurer and Tax.

Milum’s compensation includes a $600,000 annual base salary and eligibility for an annual cash incentive under the Management Incentive Plan with a 50% target for fiscal 2027. For fiscal 2027, he will receive performance-based RSUs with a target value of $1,125,000, vesting on January 31, 2030 if goals are achieved, and restricted stock valued at $375,000 vesting over three years. His employment is at-will. A one-year Non-Compete Agreement applies post-termination, with base salary continued for up to one year if terminated other than for policy violations.

Walmart Inc. ha nominato Dwayne Milum come Senior Vice President e Controller, con effetto dal 1 febbraio 2026, designandolo come responsabile contabile principale dell’azienda. Milum ha ricoperto il ruolo di Senior Vice President e Chief Audit Executive dall’aprile 2022 e in precedenza è stato Vice President e Controller per Walmart International. David Chojnowski rimarrà Senior Vice President e Controller fino al 31 gennaio 2026, per poi passare a Senior Vice President, Treasurer e Tax.

La remunerazione di Milum comprende un salario base annuo di $600,000 e l’eligibilità a un incentivo annuale in contanti ai sensi del Management Incentive Plan con un obiettivo del 50% per l’esercizio 2027. Per l’esercizio 2027, riceverà RSU basate sulle prestazioni con un valore obiettivo di $1,125,000, che matureranno il 31 gennaio 2030 se gli obiettivi saranno raggiunti, e azioni vincolate per un valore di $375,000 che maturano nell’arco di tre anni. Il suo rapporto di lavoro è a tempo indeterminato. Un Accordo di non concorrenza della durata di un anno si applica post-cessazione, con la retribuzione base continuata per un massimo di un anno se la cessazione avviene per motivi diversi da violazioni delle politiche.

Walmart Inc. designó a Dwayne Milum como Vicepresidente Senior y Contralor, con efecto a partir del 1 de febrero de 2026, y lo designó como funcionario contable principal de la empresa. Milum ha ejercido como Vicepresidente Senior y Chief Audit Executive desde abril de 2022 y previamente fue Vicepresidente y Contralor para Walmart International. David Chojnowski permanecerá como Vicepresidente Senior y Contralor hasta el 31 de enero de 2026, luego pasará a Vicepresidente Senior, Tesorero y Impuestos.

La compensación de Milum incluye un salario base anual de $600,000 y elegibilidad para un incentivo en efectivo anual bajo el Management Incentive Plan con un objetivo del 50% para el año fiscal 2027. Para el año fiscal 2027, recibirá RSU basadas en el desempeño con un valor objetivo de $1,125,000, que vestirán el 31 de enero de 2030 si se alcanzan los objetivos, y acciones restringidas valoradas en $375,000 que vestirán durante tres años. Su empleo es a voluntad. Un Acuerdo de No Competencia de un año se aplica tras la terminación, con el salario base continuado hasta un año si la terminación no es por violaciones de política.

Walmart Inc.은 2026년 2월 1일부로 Dwayne Milum을 최고부사장 겸 전담감사로 임명하고, 그를 회사의 주요 회계책임자로 지정했습니다. Milum은 2022년 4월부터 최고부사장 겸 최고감사책임자로 재직해 왔으며, 이전에는 Walmart International의 부사장 겸 전담책임자였습니다. David Chojnowski는 2026년 1월 31일까지 최고부사장 겸 전담책임자로 남아 있다가 고위직인 최고재무책임자 겸 세무담당 부사장으로 전환합니다.

Milum의 보상에는 연간 기본 급여 $600,00050% 목표를 가진 Management Incentive Plan에 따른 연간 현금 인센티브 자격이 포함되며, 회계연도 2027의 목표입니다. 회계연도 2027에는 성과 기반의 RSU를 $1,125,000의 목표가치로 받게 되며, 목표 달성 시 2030년 1월 31일에 베스팅됩니다. 또한 삼년 동안 베스팅되는 $375,000 상당의 제한주가 있습니다. 그의 고용은 계약상 임의적이며, 정책 위반으로 해지되더라도 1년간 기본급이 유지되는 1년 기간의 비경쟁 계약이 적용됩니다.

Walmart Inc. a nommé Dwayne Milum comme Vice-président senior et contrôleur, à effet au 1er février 2026, et l’a désigné comme l’officier principal de la comptabilité de l’entreprise. Milum occupe le poste de Vice-président senior et Chief Audit Executive depuis avril 2022 et était auparavant Vice-président et contrôleur pour Walmart International. David Chojnowski restera Vice-président senior et contrôleur jusqu’au 31 janvier 2026, puis passera au poste de Vice-président senior, trésorier et fiscalité.

La rémunération de Milum comprend un salaire de base annuel de $600,000 et une éligibilité à une prime annuelle en espèces dans le cadre du Management Incentive Plan avec un objectif de 50% pour l’exercice 2027. Pour l’exercice 2027, il recevra des RSU basées sur la performance avec une valeur cible de $1,125,000, vesting au 31 janvier 2030 si les objectifs sont atteints, et des actions restreintes d’une valeur de $375,000 vestant sur trois ans. Son emploi est à volonté. Un accord de non-concurrence d’un an s’applique après la résiliation, avec le salaire de base maintenu pendant jusqu’à un an si la résiliation n’est pas due à des violations des politiques.

Walmart Inc. hat Dwayne Milum zum Senior Vice President und Controller ernannt, wirksam ab dem 1. Februar 2026, und ihn zum Chief Accounting Officer des Unternehmens ernannt. Milum hat seit April 2022 als Senior Vice President und Chief Audit Executive gedient und war zuvor Vice President und Controller für Walmart International. David Chojnowski bleibt bis zum 31. Januar 2026 Senior Vice President und Controller und wird anschließend Senior Vice President, Treasurer and Tax.

Milums Vergütung umfasst ein jährliches Grundgehalt von $600,000 und die Berechtigung zu einem jährlichen Bargeldbonus im Rahmen des Management Incentive Plan mit einem Ziel von 50% für das Geschäftsjahr 2027. Für das Geschäftsjahr 2027 wird er leistungsbasierte RSUs mit einem Zielwert von $1,125,000 erhalten, vesting am 31. Januar 2030, falls die Ziele erreicht werden, sowie Restricted Stock im Wert von $375,000, das über drei Jahre vestet. Sein Arbeitsverhältnis ist auf unbestimmte Zeit. Nach der Beendigung gilt eine einjährige Wettbewerbsverbotsvereinbarung, wobei das Grundgehalt bis zu einem Jahr weitergezahlt wird, wenn die Beendigung nicht auf Verstöße gegen Richtlinien zurückzuführen ist.

قامت شركة وولمارت المحدودة بتعيين دوين ميلوم نائب الرئيس الأول والمدير المالي، اعتباراً من 1 فبراير 2026، وخُوِّل ليكون أكبر مسؤول محاسبة في الشركة. لقد شغل ميلوم منصب نائب الرئيس الأول والرئيس التنفيذي للمراجعة منذ أبريل 2022 وكان سابقاً نائب الرئيس والمحاسب لشركة Walmart International. ديفيد تشويونكوفسكي سيظل نائب الرئيس الأول والمدير المالي حتى 31 يناير 2026، ثم ينتقل إلى منصب نائب الرئيس الأول والخزينة والضرائب.

تشمل تعويضات ميلوم راتباً أساسياً سنوياً قدره $600,000 وإمكانية الحصول على حافز نقدي سنوي وفقاً لخطة الحوافز الإدارية بواقع هدف 50% للسنة المالية 2027. للسنة المالية 2027، سيتلقى RSUs قائمة على الأداء بقيمة هدفية قدرها $1,125,000، وتستحق في 31 يناير 2030 إذا تم بلوغ الأهداف، وأسهم مقيدة بقيمة $375,000 تستحق على مدى ثلاث سنوات. عمله عقده العمل فيه بنشاط، وتطبق اتفاقية منافسة غير محدودة لمدة سنة بعد إنهائه، مع استمرار راتبه الأساسي حتى سنة واحدة إذا انتهت الخدمة لسبب غير مخالفات السياسات.

Walmart Inc. 任命 Dwayne Milum 为高级副总裁兼审核总监,自2026年2月1日起生效,并任命他为公司首席会计官。Milum 自2022年4月起担任高级副总裁兼首席审计官,此前曾任 Walmart International 的副总裁兼控股会计。David Chojnowski 将在2026年1月31日保留为高级副总裁兼控股会计,之后转任高级副总裁、财务主管和税务主管。

Milum 的薪酬包括年度基本工资 $600,000,并可在管理激励计划下获得年度现金奖金,目标为 50%,适用于2027财年。对于2027财年,他将获得以绩效为基础的 RSU,目标价值为 $1,125,000,若目标实现于2030年1月31日 vest;以及价值 $375,000 的受限股票,三年内 vest。其雇佣关系为任意性。他在离职后适用为期一年的竞业禁止协议,若非因公司政策违规导致的解雇,基本工资可延续至多一年。

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Walmart Inc. ha nominato Dwayne Milum come Senior Vice President e Controller, con effetto dal 1 febbraio 2026, designandolo come responsabile contabile principale dell’azienda. Milum ha ricoperto il ruolo di Senior Vice President e Chief Audit Executive dall’aprile 2022 e in precedenza è stato Vice President e Controller per Walmart International. David Chojnowski rimarrà Senior Vice President e Controller fino al 31 gennaio 2026, per poi passare a Senior Vice President, Treasurer e Tax.

La remunerazione di Milum comprende un salario base annuo di $600,000 e l’eligibilità a un incentivo annuale in contanti ai sensi del Management Incentive Plan con un obiettivo del 50% per l’esercizio 2027. Per l’esercizio 2027, riceverà RSU basate sulle prestazioni con un valore obiettivo di $1,125,000, che matureranno il 31 gennaio 2030 se gli obiettivi saranno raggiunti, e azioni vincolate per un valore di $375,000 che maturano nell’arco di tre anni. Il suo rapporto di lavoro è a tempo indeterminato. Un Accordo di non concorrenza della durata di un anno si applica post-cessazione, con la retribuzione base continuata per un massimo di un anno se la cessazione avviene per motivi diversi da violazioni delle politiche.

Walmart Inc. designó a Dwayne Milum como Vicepresidente Senior y Contralor, con efecto a partir del 1 de febrero de 2026, y lo designó como funcionario contable principal de la empresa. Milum ha ejercido como Vicepresidente Senior y Chief Audit Executive desde abril de 2022 y previamente fue Vicepresidente y Contralor para Walmart International. David Chojnowski permanecerá como Vicepresidente Senior y Contralor hasta el 31 de enero de 2026, luego pasará a Vicepresidente Senior, Tesorero y Impuestos.

La compensación de Milum incluye un salario base anual de $600,000 y elegibilidad para un incentivo en efectivo anual bajo el Management Incentive Plan con un objetivo del 50% para el año fiscal 2027. Para el año fiscal 2027, recibirá RSU basadas en el desempeño con un valor objetivo de $1,125,000, que vestirán el 31 de enero de 2030 si se alcanzan los objetivos, y acciones restringidas valoradas en $375,000 que vestirán durante tres años. Su empleo es a voluntad. Un Acuerdo de No Competencia de un año se aplica tras la terminación, con el salario base continuado hasta un año si la terminación no es por violaciones de política.

Walmart Inc.은 2026년 2월 1일부로 Dwayne Milum을 최고부사장 겸 전담감사로 임명하고, 그를 회사의 주요 회계책임자로 지정했습니다. Milum은 2022년 4월부터 최고부사장 겸 최고감사책임자로 재직해 왔으며, 이전에는 Walmart International의 부사장 겸 전담책임자였습니다. David Chojnowski는 2026년 1월 31일까지 최고부사장 겸 전담책임자로 남아 있다가 고위직인 최고재무책임자 겸 세무담당 부사장으로 전환합니다.

Milum의 보상에는 연간 기본 급여 $600,00050% 목표를 가진 Management Incentive Plan에 따른 연간 현금 인센티브 자격이 포함되며, 회계연도 2027의 목표입니다. 회계연도 2027에는 성과 기반의 RSU를 $1,125,000의 목표가치로 받게 되며, 목표 달성 시 2030년 1월 31일에 베스팅됩니다. 또한 삼년 동안 베스팅되는 $375,000 상당의 제한주가 있습니다. 그의 고용은 계약상 임의적이며, 정책 위반으로 해지되더라도 1년간 기본급이 유지되는 1년 기간의 비경쟁 계약이 적용됩니다.

Walmart Inc. a nommé Dwayne Milum comme Vice-président senior et contrôleur, à effet au 1er février 2026, et l’a désigné comme l’officier principal de la comptabilité de l’entreprise. Milum occupe le poste de Vice-président senior et Chief Audit Executive depuis avril 2022 et était auparavant Vice-président et contrôleur pour Walmart International. David Chojnowski restera Vice-président senior et contrôleur jusqu’au 31 janvier 2026, puis passera au poste de Vice-président senior, trésorier et fiscalité.

La rémunération de Milum comprend un salaire de base annuel de $600,000 et une éligibilité à une prime annuelle en espèces dans le cadre du Management Incentive Plan avec un objectif de 50% pour l’exercice 2027. Pour l’exercice 2027, il recevra des RSU basées sur la performance avec une valeur cible de $1,125,000, vesting au 31 janvier 2030 si les objectifs sont atteints, et des actions restreintes d’une valeur de $375,000 vestant sur trois ans. Son emploi est à volonté. Un accord de non-concurrence d’un an s’applique après la résiliation, avec le salaire de base maintenu pendant jusqu’à un an si la résiliation n’est pas due à des violations des politiques.

Walmart Inc. hat Dwayne Milum zum Senior Vice President und Controller ernannt, wirksam ab dem 1. Februar 2026, und ihn zum Chief Accounting Officer des Unternehmens ernannt. Milum hat seit April 2022 als Senior Vice President und Chief Audit Executive gedient und war zuvor Vice President und Controller für Walmart International. David Chojnowski bleibt bis zum 31. Januar 2026 Senior Vice President und Controller und wird anschließend Senior Vice President, Treasurer and Tax.

Milums Vergütung umfasst ein jährliches Grundgehalt von $600,000 und die Berechtigung zu einem jährlichen Bargeldbonus im Rahmen des Management Incentive Plan mit einem Ziel von 50% für das Geschäftsjahr 2027. Für das Geschäftsjahr 2027 wird er leistungsbasierte RSUs mit einem Zielwert von $1,125,000 erhalten, vesting am 31. Januar 2030, falls die Ziele erreicht werden, sowie Restricted Stock im Wert von $375,000, das über drei Jahre vestet. Sein Arbeitsverhältnis ist auf unbestimmte Zeit. Nach der Beendigung gilt eine einjährige Wettbewerbsverbotsvereinbarung, wobei das Grundgehalt bis zu einem Jahr weitergezahlt wird, wenn die Beendigung nicht auf Verstöße gegen Richtlinien zurückzuführen ist.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported)
October 22, 2025
Walmart Inc.
(Exact name of registrant as specified in its charter)
DE
001-06991
71-0415188
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
1 Customer Drive
Bentonville, AR 72716
(Address of Principal Executive Offices) (Zip code)

Registrant's telephone number, including area code: (479) 273-4000


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareWMTNew York Stock Exchange
2.550% Notes due 2026WMT26New York Stock Exchange
1.050% Notes due 2026WMT26ANew York Stock Exchange
1.500% Notes due 2028WMT28CNew York Stock Exchange
4.875% Notes due 2029WMT29BNew York Stock Exchange
5.750% Notes due 2030WMT30BNew York Stock Exchange
1.800% Notes due 2031WMT31ANew York Stock Exchange
5.625% Notes due 2034WMT34New York Stock Exchange
5.250% Notes due 2035WMT35ANew York Stock Exchange
4.875% Notes due 2039WMT39New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 22, 2025, Dwayne Milum, age 50, was appointed Senior Vice President and Controller of Walmart Inc. (“Walmart” or the “Company”), effective February 1, 2026. In this role, Mr. Milum will serve as the Company’s principal accounting officer. Since April 2022, Mr. Milum has served as the Company’s Senior Vice President and Chief Audit Executive. From October 2016 to April 2022, Mr. Milum served as Vice President and Controller for Walmart International and previously served in other roles since joining Walmart in 2004. David Chojnowski will continue to serve as the Company’s Senior Vice President and Controller until the close of business on January 31, 2026, at which time he will transition to the role of Senior Vice President, Treasurer and Tax.
Pursuant to the terms of Mr. Milum’s promotion, he will receive an annual base salary of $600,000, subject to annual adjustment. He will also continue to be eligible for an annual cash incentive under the Company’s Management Incentive Plan (the “MIP”), based on performance criteria established by the Compensation and Management Development Committee (the “CMDC”) of the Company’s Board of Directors. For the Company’s fiscal year ending January 31, 2027 (“fiscal 2027”), Mr. Milum’s target annual cash incentive payment under the MIP will be 50% of his base salary. He will also continue to be eligible to receive an annual equity award, generally consisting of a combination of performance-based restricted stock units and restricted stock. For fiscal 2027, Mr. Milum will receive performance-based restricted stock units with a target value of $1,125,000, which provide the right to receive shares of the Company’s common stock, par value $0.10 per share, vesting on January 31, 2030, if performance goals for fiscal 2027 established by the CMDC are achieved. For fiscal 2027, Mr. Milum will also receive restricted stock valued at $375,000, vesting over a three-year period.
Mr. Milum does not have an employment contract with the Company, and his employment will continue to be on an at-will basis. In connection with his promotion, Mr. Milum and the Company will enter into a Post-Termination Agreement and Covenant Not to Compete (the “Non-Compete Agreement”). The Non-Compete Agreement will prohibit Mr. Milum, for a period of one year following termination of employment with the Company for any reason, from participating in a business that competes with the Company. The Non-Compete Agreement will also provide that, if Mr. Milum’s employment is terminated by the Company for any reason other than for a violation of the Company’s policies, the Company will continue to pay his base salary for up to one year following termination of employment.




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 22, 2025
WALMART INC.
By:/s/ Gordon Y. Allison
Name:Gordon Y. Allison
Title:Senior Vice President, Office of the Corporate Secretary, and Chief Counsel for Finance and Governance



FAQ

What leadership change did WMT announce in this 8-K?

Walmart appointed Dwayne Milum as Senior Vice President and Controller, effective February 1, 2026, and named him principal accounting officer.

Who is Dwayne Milum and what are his recent roles at Walmart (WMT)?

Milum has been Walmart’s Senior Vice President and Chief Audit Executive since April 2022 and previously served as Vice President and Controller for Walmart International.

What is the transition for David Chojnowski at WMT?

He will serve as Controller until January 31, 2026, then become Senior Vice President, Treasurer and Tax.

What are Dwayne Milum’s key compensation terms at WMT?

An annual base salary of $600,000 and eligibility for a MIP cash incentive with a 50% target for fiscal 2027.

What equity awards will Milum receive for fiscal 2027 at WMT?

Performance-based RSUs with a target value of $1,125,000 vesting January 31, 2030 if goals are met, plus $375,000 in restricted stock vesting over three years.

Does WMT have a non-compete with Milum and any severance terms?

Yes. A one-year Non-Compete applies post-termination. If terminated other than for policy violations, base salary continues for up to one year.
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