As Macy’s Inc.’s new president and chief executive officer-elect, Tony Spring is receiving a generous compensation package including salary, incentives, and time-based and performance-based stock.
Spring’s compensation was disclosed in a Securities and Exchange Commission filing Wednesday, the same day his promotion was announced.
Also on Wednesday, Adrian Mitchell, Macy’s Inc. chief financial officer, was given the additional role of chief operating officer with an increased scope of responsibilities. According to the SEC filing, Mitchell will receive an annual base salary of $950,000; annual target incentive opportunity of 135 percent of base salary and a target annual equity grant with a grant date fair value of $3.3 million.
Mitchell also received restricted stock with a grant date fair value of $3 million vesting 100 percent on the second anniversary of the grant date.
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