Macy’s (M) has released an update to notify the public and investors about its officers.
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Macy’s, Inc. has elected Tony Spring as the new CEO and Chairman of the Board, succeeding Jeff Gennette who will retire but remain as Non-Executive Chairman until the 2024 annual shareholders meeting. Spring, with a longstanding career at Bloomingdale’s and recent roles within Macy’s, is set to receive a compensation package that includes a $1.3 million base salary, incentives, and equity grants totaling over $13 million. Meanwhile, Gennette’s compensation for his continued service includes a cash retainer and additional payments totaling $450,000 annually, prorated for his term of service.
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For a comprehensive understanding of the announcement, you can read the full document here.