Family: Wife Gail Reinemund. Four children; his oldest son, Steven, worked at Walmart’s headquarters in Arkansas from 2003 to 2007.
Residence: Winston-Salem, NC
Refusal to address concerns of Walmart Associates
Members of the Organization United for Respect at Walmart (OUR Walmart) and their allies have repeatedly reached out to Steven Reinemund for him to listen to their concerns. Mr. Reinemund has repeatedly ignored these requests. (See here for a detailed list of efforts by Walmart associates to initiate a dialogue with Steven Reinemund.)
Shareholders voicing concerns about Mr. Reinemund’s leadership at Walmart
Walmart shareholders have expressed concern about Reinemund’s leadership at the company. At Walmart’s 2013 shareholder meeting, nearly 10 percent of non-Walton family shareholders voted against re-electing Reinemund to the company’s Board of Directors. Those voting no included the New York City Pension Funds, which voted against Reinemund and his fellow Compensation, Nominating and Governance Committee members “for failing to ensure adequate board independence,” as well as CalSTRS, which voted against all of Walmart’s nominees for its Board of Directors in 2013. The State of Wisconsin Investment Board also voted against Reinemund.
Reinemund and his family live in Winston-Salem, NC, in a house they purchased in 2008 for $3.8 million. The five-bedroom home has a basketball court and a swimming pool.
Reinemund and his wife also own a home in Steamboat Springs, CO. They purchased it in 1998 for $900,000 and it is now valued at $1.9 million.
In each of his last two full years as CEO of Pepsi, Reinemund was paid a base salary of $1 million and an annual bonus of $4.5 million.
In 2007, as he was preparing to retire from Pepsi, Reinemund joined the corporate boards of American Express, Marriott, and ExxonMobil. Three years later he joined the Walmart board. In 2010, he was paid $1,039,005 to serve on these boards. In addition, he owns shares in these companies that are currently worth $5.8 million.
Educational and professional background
- Dean of Business and Professor of Leadership and Strategy, Wake Forest University: Reinemund has been Dean of the Wake Forest University Schools of Business since June 2008.
- PepsiCo, Inc.: Reinemund had a 23-year career at Pepsi, and was Chairman and CEO from 2001 to 2006.
- Previous work: Before he began at Pepsi, Reinemund served in the Marine Corps and worked at IBM and Marriott.
- Walmart, Director, 2010-present
- American Express Company, Director, 2007-present.
- Exxon Mobil Corporation, Director, 2007-present.
- Marriott International, Inc., Director, 2007-present.
Federal election giving
Since the beginning of the 2008 election cycle, Reinemund has given $68,000 in donations to Republican candidates and $20,000 to the political action committee (PAC) of Marriott International, a company on whose board of directors he serves.
- Furman University: Reinemund joined the Furman University Board of Trustees in July 2012.
- The Cooper Institute: Trustee (2003-present). The organization supports research and communications in preventive medicine and public health.
- Reinemund Family Foundation: Reinemund is the president of his family’s foundation. His wife, Gail T. Reinemund, is the foundation’s Vice-President, and his two eldest sons, Steven and Jonathan, serve as directors. At the end of 2011, the most recent year for which data are available, the foundation had $4.95 million in assets. In that year, it donated about $256,100, about 40 percent of which went to Reinemund’s employer, Wake Forest University. the Cooper Institute.