Walmart is betting big on Jet.com CEO Marc Lore — both figuratively and literally.
Walmart will pay Jet.com’s Marc Lore more than $250 million in stock over five years
And that doesn’t even count the cash.
Jason Del Rey has been a business journalist for 15 years and has covered Amazon, Walmart, and the e-commerce industry for the last decade. He was a senior correspondent at Vox.
The world’s largest retailer unveiled some details of Lore’s compensation today as it announced that its $3.3 billion acquisition of Jet.com had closed. The numbers are big.
As part of the transaction, Lore will receive 3,554,093 restricted stock units of Walmart stock. Going by Walmart’s stock price at the close of trading today, those units are worth more than $256 million.
But as Recode first reported and Walmart has now confirmed, Lore will have to stay at Walmart for five years to receive that full payout. The deal is backloaded, with Lore vesting 10 percent of the units after one year, but 30 percent in Year 5.
Separate from these incentives, Lore will receive somewhere between $450 million and $750 million in cash from the deal.
With big money will come big responsibility. Lore is now president and CEO of Walmart’s U.S. e-commerce division, running both Walmart.com and Jet.com. He reports to Walmart CEO Doug McMillon.
This is by far the biggest payday of Lore’s career, but it’s not his first major payout. He earned tens of millions of dollars when he sold Diapers.com parent company Quidsi to Amazon for around $550 million.
This article originally appeared on Recode.net.
