Macy's 8-K Signals Executive Changes, Compensation Adjustments
Ticker: M · Form: 8-K · Filed: Feb 2, 2024 · CIK: 794367
Complexity: simple
Sentiment: neutral
Topics: executive-changes, compensation, corporate-governance
TL;DR
**Macy's just filed an 8-K hinting at executive shake-ups and pay changes.**
AI Summary
Macy's, Inc. filed an 8-K on February 2, 2024, to report a 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers' and 'Regulation FD Disclosure'. This filing indicates changes in leadership or executive compensation, which can signal strategic shifts or financial adjustments within the company. For investors, these changes are crucial as they can impact future performance, governance, and the overall direction of the company, potentially affecting stock valuation.
Why It Matters
Changes in executive leadership and compensation can significantly influence a company's strategic direction and financial health, directly impacting investor confidence and stock performance.
Risk Assessment
Risk Level: medium — Changes in leadership can introduce uncertainty, but the specific details are not yet public, making the immediate risk moderate.
Analyst Insight
A smart investor would monitor Macy's future filings and press releases for specific details on the executive changes and compensation arrangements, as these will clarify the potential impact on the company's strategy and financial outlook.
Key Numbers
- February 2, 2024 — Date of Report (The date the earliest event reported in the 8-K occurred and the filing date.)
- 1-13536 — Commission File Number (Macy's unique identifier with the SEC.)
- M — Trading Symbol (The ticker symbol for Macy's Common Stock on the NYSE.)
Key Players & Entities
- Macy's, Inc. (company) — the registrant filing the 8-K
- February 2, 2024 (date) — date of the earliest event reported and filing date
- Delaware (company) — state of incorporation for Macy's, Inc.
- 1-13536 (dollar_amount) — Commission File Number
- 13-3324058 (dollar_amount) — IRS Employer Identification No.
- 151 West 34th Street, New York, New York 10001 (company) — address of Principal Executive Offices for Macy's, Inc.
- 212-494-1621 (dollar_amount) — Registrant's telephone number
- M (company) — trading symbol for Macy's Common Stock
- New York Stock Exchange (company) — exchange where Macy's Common Stock is registered
Forward-Looking Statements
- Macy's will announce specific details regarding executive changes and compensation within the next quarter. (Macy's, Inc.) — medium confidence, target: 2024-05-02
- The reported changes will lead to a new strategic direction for Macy's, potentially impacting its retail footprint or e-commerce strategy. (Macy's, Inc.) — low confidence, target: 2024-08-02
FAQ
What specific items did Macy's, Inc. report in this 8-K filing?
Macy's, Inc. reported 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers' and 'Regulation FD Disclosure' as per the Item Information section of the filing.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported in this 8-K filing is February 2, 2024, as stated under 'Date of Report (Date of earliest event reported): February 2, 2024'.
Where is Macy's, Inc. incorporated and what is its principal executive office address?
Macy's, Inc. is incorporated in Delaware, and its principal executive offices are located at 151 West 34th Street, New York, New York 10001.
What is the trading symbol and the exchange where Macy's, Inc. common stock is registered?
The trading symbol for Macy's, Inc. common stock is 'M', and it is registered on the New York Stock Exchange.
Does this 8-K filing indicate that Macy's, Inc. is an emerging growth company?
No, the filing indicates 'Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:' and then 'Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of' with no box checked for emerging growth company status, implying it is not.
Filing Stats: 835 words · 3 min read · ~3 pages · Grade level 11.3 · Accepted 2024-02-02 08:05:12
Key Financial Figures
- $1,300,000 — for Mr. Spring: Annual base salary of $1,300,000; annual target incentive opportunity of
- $8,500,000 — y grant with a grant date fair value of $8,500,000 under the 2021 Equity and Incentive Com
- $4,000,000 — y grant with a grant date fair value of $4,000,000 under the Equity Plan, in a combination
- $90,000 — Regular Board cash retainer (currently $90,000), a $160,000 cash payment in lieu of Bo
- $160,000 — rd cash retainer (currently $90,000), a $160,000 cash payment in lieu of Board equity gr
- $200,000 — ant, and a Board Chair cash retainer of $200,000/year, all on an annualized basis pro-ra
Filing Documents
- n-20240202.htm (8-K) — 27KB
- ex_99-1xceoelectionrelease.htm (EX-99.1) — 11KB
- image_0.jpg (GRAPHIC) — 9KB
- 0000794367-24-000010.txt ( ) — 178KB
- n-20240202.xsd (EX-101.SCH) — 2KB
- n-20240202_lab.xml (EX-101.LAB) — 23KB
- n-20240202_pre.xml (EX-101.PRE) — 12KB
- n-20240202_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. A press release related to the matters described in Item 5.02 of this Current Report on Form 8-K is furnished herewith as Exhibit 99.1 and incorporated in this Item 7.01 by reference. The information in Exhibit 99.1 is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (as amended, the "Exchange Act") or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release of Macy's dated February 2, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document) MACY'S, INC. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MACY'S, INC. Dated: February 2, 2024 By: /s/ Tracy M. Preston Name: Tracy M. Preston Title: Executive Vice President, Chief Legal Officer and Secretary