Macy's CEO tells employees he won't be paid during the coronavirus crisis
Macy's is one of many retailers that has been forced to closed all of its stores during the pandemic.The CEO of Macy's will not be recieving any compensation amid the coronavirus crisis.
In an email to employees, CEO Jeff Gennette said that the company must take "unusual measures to conserve cash throughout the crisis." Directors and more senior workers will also see a reduction in pay from April 1 that will continue throughout the pandemic. The CEO of Macy's said he will not be receiving any compensation from the company amid the coronavirus pandemic.
In an email to employees on Wednesday, CEO Jeff Gennette said that the company must take "unusual measures to conserve cash throughout the crisis," adding that the department store chain had frozen hiring and deferred capital spend and is extending its payment terms, among other measures. In addition, all directors and more senior employees will see a reduction in pay starting April, which will continue throughout the crisis. The company is also deferring the payment of bonuses this year.
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