Lee Scott

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Quick facts

Family: Wife Linda; two adult sons, Eric and Wyatt. Eric is married to Elda Scott, the sister of Walmart executive Gisel Ruiz.

Age: 63 (born March 1949)[1]

Residence: Longboat Key, FL. Also has a home in Rogers, AR.

 

Wealth

Corporate pay

Scott was CEO of Walmart for nine years. In his final year as CEO, he was given a compensation package worth more than $30 million.[2] After he retired as CEO, Scott continued working for Walmart for two more years as an executive officer. In each of those two years, the company paid him an annual salary of $1.1 million.[3]

Stock holdings

Scott owns $220 million worth of Walmart stock.[4]

Real estate

In April 2010, Lee and Linda Scott purchased a 6,700 square-foot waterfront home in Longboat Key, FL for $6.65 million.[5] The Scotts also own two boat slips in the yacht marina of Longboat Key Club and Resort, which is nearby.[6]

In Arkansas, the Scotts have a $1.4 million home in Rogers, near Bentonville, and own other parcels of land in Benton County worth $1.9 million.[7]

Educational and professional background

Education

B.S., Business, Pittsburg State University (Kansas)[8]

Professional life

Walmart (1979-2011)

Scott was President and CEO of Walmart from January 2000 to January 2009. He then served as an executive officer and as Chairman of the Board of Directors’ Executive Committee from January 2009 to January 2011.[9] Scott began working for Walmart in 1979 in the company’s Logistics division.[10]

Solamere Capital

Scott joined Solamere Capital as an operating partner and a member of its investment committee in November 2009.[11]

Solamere, a private equity firm co-founded by Republican presidential candidate Mitt Romney’s son Tagg[12] and chief fundraiser Spencer Zwick,[13] was founded two weeks after the elder Romney quit the 2008 presidential race. Mitt Romney reportedly made an initial $10 million investment in the firm, named for an area in Utah where he owns a ski mansion, and the firm has used his name and connections in their sales pitches to investors.[14] As the Boston Globe pointed out in October 2011, “[t]he story of Solamere offers a rare glimpse into the intersecting worlds of Romney’s business and political operation, which continues to employ Zwick as chief fund-raiser for the 2012 campaign. Although campaign finance specialists say [Zwick’s] overlapping missions are permitted by law, some ethics watchdogs say the arrangement presents an appearance that key political contributors could be rewarded with business opportunities.”[15]

Corporate boards

  • Wal-Mart Stores, Inc. (1999-present): Board of Directors
  • Goldman Sachs (2010-2011)[16]
  • BDT Capital: Chairman, Business Advisory Board[17]
  • Tsinghua University School of Economics and Management (Beijing, China): Honorary Member, Advisory Board[18]
  • Pilot Travel Centers (Knoxville, TN): Board of Directors [19]
  • Fluidic Energy (Scottsdale, AZ) [20]

Political giving

Federal election contributions

Since the beginning of the 2006 federal election cycle, Scott has donated $38,200 to politicians running for federal office, with 97% of those dollars going to Republicans.[21]

 

 


[1] Nexis public records search

[2] Wal-Mart Stores, Inc. proxy statement dated April 20, 2009, http://www.sec.gov/Archives/edgar/data/104169/000119312509082605/ddef14a.htm

[3] Wal-Mart Stores, Inc. proxy statement dated April 19, 2010 http://www.sec.gov/Archives/edgar/data/104169/000119312510086323/ddef14a.htm and Wal-Mart Stores, Inc. proxy statement dated April 18, 2011, http://www.sec.gov/Archives/edgar/data/104169/000119312511100605/ddef14a.htm

[4] As of March 2011, Scott owned 3,560,065 shares of Walmart stock (per the Wal-Mart Stores, Inc. proxy statement dated April 18, 2011;  http://www.sec.gov/Archives/edgar/data/104169/000119312511100605/ddef14a.htm). Current value of these shares is based on the $61.90 closing price of Walmart shares on 2/10/2012 (http://finance.yahoo.com/q/hp?s=WMT+Historical+Prices)

[5] Sarasota County (FL) Property Appraiser records

[6] Sarasota County (FL) Property Appraiser records

[7] Benton County (AR) Assessor.

[8] “Lee Scott,” http://www.energyinnovationsummit.com/program/bio.html?id=5

[9] Wal-Mart Stores, Inc. proxy statement dated April 18, 2011, http://www.sec.gov/Archives/edgar/data/104169/000119312511100605/ddef14a.htm

[11] “Former Wal-Mart CEO Lee Scott Joins Solamere Capital as an Operating Partner and as a Member of the Firm’s Investment Committee,” press release dated November 10, 2009, http://www.businesswire.com/news/home/20091110006081/en/Wal-Mart-CEO-Lee-Scott-Joins-Solamere-Capital

[12] “Management Team – Tagg Romney,” http://www.solameregroup.com/bio/item/1/index.html

[13] “Management Team – Spencer Zwick,” http://www.solameregroup.com/bio/item/2/index.html

[16] “Former Wal-Mart Chief to Leave Goldman Board,” The New York Times, March 18, 2011, http://dealbook.nytimes.com/2011/03/18/former-wal-mart-chief-to-leave-goldman-board/

[18] “Tsinghua University School of Economics and Management – Advisory Board,” http://www.sem.tsinghua.edu.cn/portalweb/appmanager/portal/semEN?_nfpb=true&_pageLabel= B1806744651267852032291

[21] Data from OpenSecrets.org

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