i recently posted that macy is laying off 7,000 workers..
READ THIS =>
A day after Macy’s executives announced lay-offs of 7,000 workers and cut a dividend in half, top company officials received a final installment on $1.39 million in performance bonuses from 2004.
The stock credit plan created in March 2004 brought five top executives “phantom stock units†or stock credits after a three-year holding period ended on Saturday, according to a Securities and Exchange Commission filing on Tuesday.
Half of the incentive was paid in February 2008 with the remaining amount paid Monday.
Payments for stock credits and accrued dividends were as follows: Chief executive Terry J. Lundgren, $613,281; Karen Hoguet, chief financial officer, $192,742; Thomas Cole, chief adminstrative officer, $227,794; Janet Grove, vice chair, $227,794; Susan Kronick, vice chair, $227,794.
On Monday the company announced that swooning sales and poor earnings would bring thousands of pink slips to associates and reconfigure management of the company.
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