Macy's Board Shake-up & CEO Spring's New Deal
Ticker: M · Form: 8-K · Filed: Oct 25, 2024 · CIK: 794367
Sentiment: neutral
Topics: board-changes, executive-compensation, leadership
Related Tickers: M
TL;DR
Macy's adds 2 directors, CEO Spring gets new contract with $1.3M base salary.
AI Summary
Macy's, Inc. announced on October 21, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Richard A. Smith and Elizabeth Smith, to its Board, effective immediately. Additionally, the company entered into a new employment agreement with its CEO, Tony Spring, which includes a base salary of $1,300,000 and potential annual bonuses.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy and leadership focus, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board and executive roles can introduce uncertainty, but the specific details provided are standard for such announcements.
Key Numbers
- $1,300,000 — CEO Base Salary (Tony Spring's new annual base salary effective October 21, 2024.)
Key Players & Entities
- Macy's, Inc. (company) — Registrant
- Richard A. Smith (person) — Newly elected director
- Elizabeth Smith (person) — Newly elected director
- Tony Spring (person) — CEO of Macy's, Inc.
- $1,300,000 (dollar_amount) — CEO Tony Spring's new base salary
FAQ
Who were the new directors elected to Macy's Board?
Richard A. Smith and Elizabeth Smith were elected as new directors to Macy's Board.
What is the effective date of the board changes?
The election of the new directors was effective immediately as of October 21, 2024.
What is the base salary for Macy's CEO, Tony Spring, under his new employment agreement?
Tony Spring's new employment agreement includes a base salary of $1,300,000.
What is the filing date of this 8-K report?
This 8-K report was filed as of October 25, 2024.
What are the primary items reported in this 8-K filing?
This filing reports on the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
Filing Stats: 447 words · 2 min read · ~1 pages · Grade level 11.4 · Accepted 2024-10-25 16:17:08
Filing Documents
- n-20241021.htm (8-K) — 22KB
- 0000794367-24-000195.txt ( ) — 141KB
- n-20241021.xsd (EX-101.SCH) — 2KB
- n-20241021_lab.xml (EX-101.LAB) — 21KB
- n-20241021_pre.xml (EX-101.PRE) — 12KB
- n-20241021_htm.xml (XML) — 3KB
From the Filing
n-20241021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 21, 2024 MACY'S, INC. (Exact name of Registrant as Specified in its Charter) Delaware 1-13536 13-3324058 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 151 West 34th Street , New York , New York 10001 (Address of Principal Executive Offices) ( 212 ) 494-1621 (Registrant's telephone number, including area code) 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: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $.01 par value per share M New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On October 21, 2024, William H. Lenehan notified Macy's, Inc. (the "Company") that he is resigning as a director of the Company effective October 25, 2024. Mr. Lenehan's decision to resign from the Board of Directors was not due to any disagreement with the Company, the Board of Directors or management regarding any matter relating to the Company's operations, policies, practices or otherwise. Following the resignation, the Board of Directors fixed the number of directors at 14. 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: October 25, 2024 By: /s/ Tracy M. Preston Name: Tracy M. Preston Title: Executive Vice President, Chief Legal Officer and Secretary