Donna Morris doesn't have a typical job. As the Executive Vice President and Chief People Officer at Walmart, she’s basically the "HR boss" for over 2.1 million employees. When you’re steering a ship that big, the paycheck is going to be massive. But if you’re looking for a simple, single number for the Donna Morris Walmart salary, you’re gonna find that it’s actually a bit of a puzzle.
Executive pay at a Fortune 1 company isn't just a bi-weekly direct deposit. Honestly, the "base salary" part of her deal is only a tiny slice of the pie. Most of the real money comes from stock awards and performance bonuses that depend on whether Walmart hits its targets.
Breaking Down the Donna Morris Walmart Salary
Let's talk cold, hard numbers. Based on recent SEC filings and proxy statements, including the most recent disclosures for fiscal year 2025, executive compensation at this level is public record.
For high-level execs like Morris, the base salary usually hovers around the $1 million to $1.15 million mark. In fact, SEC documents from late 2023 and 2024 have cited her annualized base salary at approximately $1,150,000. That sounds like a lot—and it is—but wait until you see the rest.
The total compensation package is where it gets wild. When you add in restricted stock units (RSUs) and non-equity incentive plan compensation (fancy talk for cash bonuses), her total annual take-home often fluctuates between $5 million and $7 million depending on the year.
Just this past week, in mid-January 2026, Morris made headlines for selling a chunk of Walmart stock. We're talking about a sale of 9,384 shares at about $120 a pop, which netted over **$1.13 million** in a single day. She also had another $619,000 worth of shares disposed of just to cover the taxes on her vested stock. When your tax bill alone is over half a million dollars, you know the salary is substantial.
Why the Salary Changes Every Year
You might see one website say she makes $5 million and another say $10 million. They might both be right, kinda.
Walmart uses a "pay-for-performance" model. If the company crushes its eCommerce goals or hits specific diversity and inclusion metrics—things Morris is directly responsible for—her bonus goes up. If the retail market takes a hit, so does her total comp.
- Base Salary: The steady $1.1M+ check.
- Stock Awards: Usually the biggest part, often valued at $3M to $4M+ annually.
- Cash Incentives: Performance-based bonuses that can add another $1M+.
- Other Perks: Personal use of company aircraft, 401(k) matching, and specialized insurance.
What Does a Chief People Officer Actually Do for $5M+?
It’s easy to look at a Donna Morris Walmart salary and wonder why anyone needs that much to run HR. But "Chief People Officer" at Walmart is a different beast than HR at a mid-sized tech firm.
Morris joined Walmart in February 2020. Think about that timing. She walked through the door right as a global pandemic was about to shut down the world. She had to navigate safety protocols, hiring surges (Walmart hired 200,000 people in just a few weeks back then), and the transition to "tech-powered" retail.
She came over from Adobe, where she was known for getting rid of the traditional annual performance review—something people actually liked her for. At Walmart, she's been the architect of the "Live Better U" program, which pays 100% of tuition and books for associates. She's also pushing hard on AI integration. Not to replace people, but to handle the "boring" tasks so floor associates can actually help customers.
The Comparison Game
How does her pay stack up? If you compare it to CEO Doug McMillon, who brought in over $27 million recently, she’s making a fraction of the top spot. But compared to the average Walmart associate, the gap is huge. This is something that often draws criticism in the business world.
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However, in the world of C-suite executives, her pay is right in line with industry standards for a company that generates over $600 billion in annual revenue. You pay for the experience of managing a workforce larger than the population of some countries.
The 2026 Reality of Executive Pay
Looking at the most recent filings from January 2026, Morris currently owns over 530,000 shares of Walmart stock directly. At current market prices (around $120/share), her personal stake in the company is worth over **$63 million**.
This is the real wealth-builder. While the Donna Morris Walmart salary provides the lifestyle, the stock ownership is what builds the fortune. Most of these shares are granted as "Restricted Stock," meaning she can't just sell them the day she gets them. She has to stay with the company and meet performance goals for them to "vest" or become hers.
What Most People Get Wrong About Her Pay
A lot of folks think these executives just get a giant bag of cash on January 1st. Nope.
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The majority of her compensation is "at risk." If Walmart's stock price tanks or the company fails to grow, she loses millions in potential value. It’s a high-stakes game. Also, people often forget about the "indirect" ownership. Morris has shares tucked away in family trusts and other holdings that don't always show up on the front page of a Google search.
Honestly, tracking the Donna Morris Walmart salary is basically tracking the health of Walmart itself. When the company does well, the "People" boss does very, well.
Actionable Insights for Career Growth
While most of us won't be pulling in $5 million a year anytime soon, there are a few things we can learn from how Donna Morris climbed the ladder and manages her compensation:
- Prioritize Performance-Based Pay: If you're negotiating a new role, don't just look at the base. Ask about bonuses or equity. It shows you’re confident in your ability to deliver results.
- Focus on Scaling Skills: Morris moved from Adobe (tech) to Walmart (retail/tech hybrid) because she knew how to handle scale. Look for roles that challenge you to manage larger systems or more complex problems.
- Diversify Your Benefits: Executive packages aren't just about the check; they include deferred compensation and stock options. Even at a mid-level, maximize your 401(k) match and look into Employee Stock Purchase Plans (ESPP) if your company offers them.
- Stay Long-Term: Much of the wealth seen in the Morris filings comes from years of stock vesting. Job hopping can get you a higher base salary, but staying to let equity vest is often where the real money is made.
To stay updated on these figures, you can monitor Walmart’s Investor Relations page for the annual Proxy Statement (Form DEF 14A), which usually drops in April and provides the most granular breakdown of executive pay.