Jeff Gennette, chairman and chief government officer of Macy's Inc.Mark Kauzlarich | Bloomberg by way of Getty PhotographsMacy's doled out $9 milli
Jeff Gennette, chairman and chief government officer of Macy’s Inc.
Mark Kauzlarich | Bloomberg by way of Getty Photographs
Macy’s doled out $9 million in fairness awards to 6 high executives days after it laid off roughly 1 / 4 of its company workforce.
The ailing division retailer chain’s CEO, Jeff Gennette, obtained restricted inventory value $3.7 million on July 9, in accordance with filings with the Securities and Trade Fee. The 5 different execs, together with authorized chief Elisa Garcia and human sources chief Danielle Kirgan, obtained awards starting from $350,000 to $Three million, the filings stated.
A consultant from Macy’s stated in an e mail that due to the pandemic, the retailer delayed the timing of its annual fairness grants to administration and the board this yr. She stated the corporate will describe its 2020 compensation plans in additional depth in its 2021 proxy submitting.
In February, earlier than the Covid-19 virus outbreak was declared a world pandemic, Macy’s introduced plans to shut 125 shops completely over three years because it slashed 2,000 company jobs. Then on June 25, Macy’s stated it should lower one other 3,900 company jobs — or 3% of its whole workforce at the moment — to cut back prices.
Macy’s has additionally stated it’s nonetheless evaluating closing extra shops, over a quicker timeline as a result of affect it has felt from the lack of income throughout the pandemic.
Macy’s shares have fallen practically 60% this yr. It has a market cap of $2.2 million.
It is not the one division retailer chain struggling, both. A number of have been pushed out of business courtroom: Neiman Marcus, J.C. Penney and Stage Shops. Nordstrom is also shuttering greater than a dozen shops for good this yr.
Gennette had briefly taken a pay lower throughout the pandemic, starting again in April. However that was additionally just lately reversed on July 1 for Gennette and different high Macy’s execs, in accordance with an SEC submitting.
Bloomberg first reported on the filings Thursday morning.