Macy's Executives Get $9 Million in Bonuses After 3,900 Jobs Cut

[left-of-center2012]

The board of Macy’s 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 company’s 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

[Sherman A1]

1. Charming

Simply charming.......

[durablend]

2. Sounds like they need more payroll stimulus!

Get those shovels out!

[smirkymonkey]

3. That's obscene!

Time to bring these back...

[CrispyQ]

4. I was stunned the last time I went into the local Macy's store.

It had gone from looking like a high end department store, to a run down discount store. The clothing section was filled with racks and racks of discounted clothing from previous seasons. Only a small section of the store had new fashions. The housewares department was so full of inventory, it looked cluttered and disorganized. No enticing displays of kitchen gadgets, just stacks and stacks of boxes of product. I was looking for a wedding gift and found something nice in the china department, but it too, was disorganized and cluttered.

[crickets]

5. Hollowing out the company before killing it entirely.

It's sad to see the brand go, but this kind of behavior always seems to come just before the obvious demise. Screw the mobsters at the top who are just skimming as much as they can while all of the little people lose their jobs as the store sinks. COVID is partly to blame, as are changes in shopping habits, but it didn't have to be this way. It's ugly and sad.