FARAH UNFURLS $14M PARACHUTE
NEW YORK — Roger N. Farah, the man with the $14 million golden parachute, pulls the ripcord today.
It’s his last day as R.H. Macy’s president and chief operating officer.
His departure was expected.
Farah joined Macy’s July 1, but made his deal to come on board last year, before the company agreed to merge with Federated. The merger is expected to be completed in December.
Previously, Farah headed Federated Merchandising. In a bitter battle over the services of the 41-year-old merchant, Federated sought to bar Farah from joining Macy’s with a no-compete clause in his contract. The firms settled out of court.
Farah’s salary with Macy’s was $1.2 million a year. In the year before he joined Macy’s, he was put on a paid leave by Federated until the end of his contract there — June 30 — and got $1 million for staying home.
Now, he’ll get a $14 million departure fee, under his contract with Macy’s.