Marketing

Macy's execs get hefty bonuses

Photo by istock.com

July 20, 2020

Macy's has handed out $9 million in executive and leadership bonuses, including $3.7 million in stock to its CEO, at the same time it's downsizing its workforce.

In addition to chief Jeff Gennette's stock bonus, five other leaders including the legal chief and human resources chief, were given bonuses ranging from $350,000 to $3 million, according to a Bloomberg report.

The bonuses were given out as the beleaguered retailer is laying off 3% of its workforce, which amounts to nearly 4,000 job cuts.

The report noted Gennette had temporarily taken a pay cut during the pandemic, back in April, but that was reversed on July 1 for Gennette and other top Macy's execs, according to the report.