News Formal

Macy's CEO tells employees he won't be paid during the coronavirus crisis - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ex-Apple CEO thinks airlines will scramble to rethink business travel - Business InsiderApple's former CEO thinks the coronavirus shift to working from home will see airlines and hotels permanently rethinking business travel revenue expectations Hopefully flying coach gets better as a result of this 😀 Remember 6ft apart delta AmericanAir SouthwestAir Allegiant FlyFrontier JetBlue SpiritAirlines AlaskaAir AirCanada Something to think about for those of you who continue to cram folks in seats/rows that are not even comfortable for a 'below average size' person.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Michaels keeps stores open, and CEO memo explains why - Business Insider'I am asked on a daily basis by customers why we are still open,' a Michaels manager speaking on the condition of anonymity told Business Insider. The virus makers? They must be teetering on bankruptcy already
Source: BusinessInsider - 🏆 729. / 51 Read more »