Dwayne Milum, 50, was appointed senior vice president and controller of Walmart Inc., effective Feb. 1, 2026, to start the company’s new fiscal year. He succeeds David Chojnowski, who will be senior vice president and treasurer.
Walmart announced the promotions in an 8-K filing with the U.S. Securities and Exchange Commission on Wednesday (Oct. 22).
Since April 2022, Milum was the company’s chief audit executive. From October 2016 to April 2022, he was controller for Walmart International, and he had previously held other roles since joining Walmart in 2004.
Walmart said Milum’s promotion comes with an annual base salary of $600,000, subject to an annual adjustment. He will also continue to be eligible for an annual cash incentive based on performance criteria established by the company’s board of directors.
For fiscal 2027, Milum’s first year as controller, his targeted annual cash incentive payment will be 50% of his base salary. For fiscal 2027, Milum will receive performance-based restricted stock units with a target value of $1.125 million, which provide the right to receive shares of the company’s common stock upon vesting in January 2030, if performance goals for fiscal 2027 are achieved. He will also receive restricted stock valued at $375,000, vesting over three years.
Walmart said Milum is an at-will employee without a contract that will continue following his promotion. He will be held to a non-compete agreement for a period of one year following termination of employment with Walmart for any reason. Walmart also said if Milum is terminated for any reason other than violation of company policies, Walmart will continue to pay his base salary for up to one year following the termination date.