Macy’s Cuts Exec Bonuses To Zero After Poor Year
More bad news for Macy's brass: the retail giant has cut executive incentive bonuses to zero after missing revenue and expense targets in 2015.
CEO Terry Lundgren was paid $12.7M in 2014. A 8.6% cut for '15 dropped the bonus to $11.6M—still not too shabby—before the latest cutoff, Bloomberg reports.
While he’s hardly making a pittance, the CEO is struggling to turn around the massive department store after slow traffic and excess inventory continue to hurt results.
What’s more, Lundgren is under pressure from activist investors at Starboard Value and Greenlight Capital to tap into the value of Macy’s real estate portfolio.
In what aptly captures its recent decline, Macy’s shares have dropped 47% over the last year—after six straight years of gains. [Bloomberg]