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Small Business News: Macy's Exec. Bonuses After Job Cuts

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The board of Macy’s Inc. handed $9,000,000 in equity awards to top executives just two weeks after the department store chain said it would cut thousands of jobs in its corporate office.

Macy's CEO, Jeff Gennette, received stock worth $3,700,000 on July 9, according to a regulatory filing. The other five 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.

Category: Small Business Law

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