The pay cuts for directors and above get lifted on July 1, the same day that 1st qtr earnings get released AAAAAND the new structure is allegedly going into effect. Seems to me if it meant saving multiple jobs that those “pay cuts” would still be in effect vs kicking others to the curb. Just saying
5 replies (most recent on top)
Wall Street was in love with JG- just go back and listen to Cramer's accolades when became CEO. Years after this toxic Napoleon got this job all his results have been a disaster- sales, profits, strategy, slow online progress, lack of vision laced with complete egomania. Biggest issue is his lack of listening to his best people that could bring opportunity or outline missteps- fire them! as well as his seeming enjoyment of destroying peoples' livelihoods. Amazon was always going to be a behemoth but much could have been done and could still be done to recoup businesses. Why is he still here?
Do not expect transparency as we go through next phase- they do not care about your career or your healthcare-we are just an expense.
To the comment from the corporate director:
Actually, believe it or not, Mr. or Ms. Director, some store-level peons already DO watch CNBC and other financial news. What is it that we see? The so-called “analysts”/people likely with a vested interest instructing the CEOs on how they would like them to run their businesses in order to make Wall Street more money in one day than the average Macy’s associate makes in one year.
So please save the “blame Wall Street” excuse for Macy’s corporate directors “magically” seeing their pay caps lifted on what will likely be the day a ton of store-level personnel is let go. So who or what will replace those workers? The technology that Macy’s has refused to invest in for the last 20 years? Actually training the human beings who would still like to work in the stores in order to properly use the technology to help them do their jobs more effectively?
Doubtful, because that would actually be a smart business decision by someone in Macy’s corporate.
You want to know what is really k–ling Macy’s? Look in the mirror.
But go on. Announce those layoffs, JG. Don’t keep Jim Cramer waiting.
The company needs both sides to run the business... the majority of the corp team was also furlough approx 30% capacity in my workd. Many of us Corp directors are working around the clock. The company is going to do what it has to do to survive. I suggest turning on cnbc and listening for a while. Macys comes up a lot. After the last interview with JG analysts were saying they want to see macys continue to focus efforts online, close unproductive doors, and reduce staff. The analysts actually said JG comments about coming out of this smaller are what wall street wants to hear. So if you want to blame anyone go blame wall street. Continuing to hold directors salaries back isn't going to save jobs.
You mean the lifting of the pay cuts for the higher ups are going to be paid by laying off the store-levels grunts?
Shocked face.
Why would this company layoff less people by asking other colleagues to take a salary reduction during hard times?
Capitalism 101–its the American way and we are America’s Department store.
Layoffs is the only thing where MACY’s leads.
We will circle the drain a few more years. What a shame.