Senior Macy executives were given equity awards of $9 million 2 weeks after the company announced it would reduce their staff by 3,900 associates
I am shocked at the callousness of the timing of the awards. Management deserves good compensation, but not when staff is cut and the future is cloudy for all associates of the company.
As a sidelight, the Wall Street Journal reported that a Justice Department official said Geoffroy van Raemdonck, CEO of Neiman Marcus Group, and other top execs shouldn’t get their bonuses unless they can show they helped grow earnings at the bankrupt company. While Macy’s is not bankrupt, it struggles to stay afloat. In the pandemic Jeff Gennette struggles to keep the ship from any disaster. He needs his people’s support, which is waning with his company’s unfeeling action.
I was the senior retail analyst at Morgan Stanley for 16 years, following a 20 year career at retailers including Macy’s, May Department Stores and Allied Stores.I was the senior retail analyst at Morgan Stanley for 16 years, following a 20 year career at retailers including Macy’s, May Department Stores and Allied Stores. Currently I head Loeb Associates Inc. a management consulting and strategic advisory firm for leading domestic and international retail companies.
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