Retail bosses can earn big and Macy’s Inc.’s Jeff Gennette is no exception.
The chief executive officer of the department store chain since March 2017 saw his total compensation rise to $12.7 million last year, according to the retailer’s filing with the Securities and Exchange Commission. This was up from just over $11 million in the prior year.
A large chunk of the 2018 figure came in the form of stock and option grants, the full value of which may never be realized due to fluctuations in stock prices and vesting schedules.
The rest was made up of $3.7 million in non-equity incentives, a $58,489 rise in the value of his pension and $101,849 in other compensation, while his salary totaled $1.29 million.
Also revealed in the filing was the pay of Hal Lawton, who joined Macy’s in summer 2017 as president. The former eBay executive enjoyed total compensation of $7.28 million, down from $18.36 million in 2017, which included a $5.5 million bonus.
His appointment as president of the department store chain was part of a wider reorganization in an effort to accelerate the pace of change at Macy’s.
The pay numbers come not long after WWD revealed at least 100 executives at the vice president level and higher are being let go by the retailer after a less-than-stellar Christmas season.