How much will the newest boss at Macy's make?

22 August, 2017, 23:31 | Author: Terri Saunders
  • Macy Department store chain 100 job cuts Hal Lawton Jeff Kantor Jeff Gennette

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Macy's also named former eBay Inc EBAY.O executive Hal Lawton as president, effective September 8.

Lawton's appointment shows Macy's is committed to adapting to "dramatic changes" in the retail industry, according to Dana Telsey, head of Telsey Advisory Group.

The cash award is to be paid in two installments by next March and is subject to clawback provisions that could require Lawton to repay the bonus if he voluntarily leaves Macy's within 24 months.

Lawton will start the job with a $1 million salary and $1.25 million target bonus, and will receive stock options and performance-linked restricted shares worth $4 million in fiscal 2018.

Lidl overtakes Waitrose as United Kingdom shoppers turn to discounters
Asda also recently reported a return to positive growth following more than 10 consecutive quarters of decline. Meanwhile online specialist Ocado increased sales by 12.6%, now holding 1.4% of the overall grocery market.


WCPO Insiders will learn why Macy's investors seem happy with the new hire.

Macy's said it expects the restructuring will result in one-time costs of about $20 million to $25 million mainly in the third quarter, and that it would save about $30 million on a yearly basis.

The company also announced it is restructuring its merchandising functions, into a single merchandising operation headed by 35-year-Macy's-veteran Jeff Kantor.

"The changes we are making today maintain our core merchandising skills while massively simplifying our structure and processes for greater speed and flexibility".

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