July 16 (UPI) — The board of Macy’s gave six top executives a combined total of $9 million in bonuses two weeks after cutting 3,900 jobs.
Chief Executive Officer Jeff Gennette received a stock award worth $3.7 million, according to a regulatory filing.
Human resources chief Danielle Kirgan and legal chief Elisa Garcia, are among the other five who received bonuses, with awards ranging from $350,000 to $3 million, filings said.
A female representative from Macy’s told CNBC the equity grants to management and the board were delayed this year because of the COVID-19 pandemic.
She added that the company will go into further detail on its 2020 compensation plans in its 2021 proxy filing.
Bloomberg Law first reported on the filings.
Earlier this month, the board reversed top executives’ temporary pay cuts in place since April 1, which means that Gennette, who took a pay cut, is now back to a $1.3 million annual rate.
Macy’s announced plans in February to close 125 stores over three years and cut about 2,000 corporate jobs. More recently, on June 25, the company announced it will cut 3,900 corporate and management-level jobs as part of strategy to save $630 million to cope with the economic fallout of COVID-19.
Shares of the company have fallen 60% this year.
The COVID-19 pandemic has exacerbated the struggle for some retail companies already struggling with online competition, including Neiman Marcus and J.C. Penney, which both filed for bankruptcy in May.