Macy’s gave bonuses to top execs just days after big corporate layoffs

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Macy’s gave bonuses to top execs just days after big corporate layoffs

By Marianne Wilson - 07/16/2020
Macy's building

A regulatory filing shows that Macy’s Inc. gave $9 million in equity awards to six top executives some two weeks after the company announced major job cuts.

Macy’s CEO Jeff Gennette received restricted stock worth $3.7 million on July 9, according to filings with the Securities and Exchange Commission, reported CNBC. Five other executives including legal chief Elisa Garcia and human resources chief Danielle Kirgan, received awards ranging from $350,000 to $3 million, the filings said. (The news was first reported by Bloomberg.)

In late June,  Macy’s announced it would reduce its corporate and management headcount by approximately 3,900 https://chainstoreage.com/macys-slashes-corporate-management-jobs-restructuring-due-covid-19 in a restructuring move to cut costs as its business looks to recover from the impact of the COVID-19 pandemic. 

In an email, a Macy’s representative said due to the COVID-19 pandemic, the retailer delayed the timing of its annual equity grants to management and the board this year, CNBC reported.  

Similar to executives at many  other retail companies,  top Macy’s execs took a temporary pay cut, starting in April, during the pandemic. (Gennette received no compensation at all.)  The actions were reversed as of July 1, according to an SEC filing.

 

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