Macy's Executives Get $9 Million in Bonuses After 3,900 Jobs Cut
The board of Macys Inc. handed $9 million in equity awards to six top executives just two weeks after the department store chain said it would cut thousands of jobs in its corporate office.
Chief Executive Officer Jeff Gennette received restricted stock worth $3.7 million on July 9, according to a regulatory filing. The other five, including legal chief Elisa Garcia and Danielle Kirgan, who oversees human resources, received awards ranging from $350,000 to $3 million.
A month before the lockdowns began, the company said it would close 125 department stores -- a quarter of its total -- and lay off a few thousand workers. And on June 25, Gennette announced another 3,900 job cuts in corporate and management roles. The companys shares have plunged 60% this year.
On July 1, the board also reversed top executives temporary salary reductions that had been been in place since April. That means Gennette, who took no salary for that period, is now back at his $1.3 million annual rate.
https://www.bloomberg.com/news/articles/2020-07-16/macy-s-executives-get-9-million-in-bonuses-after-3-900-jobs-cut?srnd=premium