--- title: Why Macy's Top Managers Aren't Happy Right Now description: Macy's top executives didn't meet performance targets last year and were denied bonuses by their board of directors. authors: - name: Martha C. White role: Writer url: https://money.com/author/martha-c-white/ education: BA, English, Princeton University at_money_since: 2015 articles: 350 covers: - Business - Banking - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Federal Reserve Rate Cuts - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology published: '2016-03-30T19:18:34.000Z' modified: '2024-05-16T11:03:34.000Z' section: Business tags: - annual bonus - bonuses - CEO pay - Macy's - pubdesk - Workplace - year-end bonus word_count: 222 canonical: https://money.com/macys-bonus-pay/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Macy’s department store in New York, on Feb. 22, 2016.](https://img.money.com/2016/03/160330_em_macys.jpg) *Macy’s department store in New York, on Feb. 22, 2016.* Executives at Macy's might want to hang onto their store's sales flyers: After failing to hit revenue and expense-management goals last year, the department store's board of directors voted to withhold top managers' incentive bonuses, according to [Bloomberg](http://www.bloomberg.com/news/articles/2016-03-30/macy-s-brass-sees-incentive-bonuses-cut-to-zero-after-weak-year). CEO Terry Lundgren still earned $11.6 million last year, but that's a little more than $1 million, or about 9%, less than he made the year before that. He earned $1.6 million in cash, plus an increase in his stock and options compensation, but he missed out on what the *[Cincinnati Enquirer](http://www.cincinnati.com/story/03/30/macys-ceo-takes-11m-pay-cut/82423472/)* referred to as "non-equity performance pay," or, as the rest of us would call it, a bonus. Cincinnati-based Macy's has been trying to improve its performance and its bottom line, in part by taking advantage of its valuable real estate holdings, but last year was a tough one for department stores overall: They faced a strengthening U.S. dollar, which hurt overseas sales, and unpredictable weather that was blamed for [anemic holiday spending](http://www.bloomberg.com/news/articles/2016-02-23/macy-s-tops-estimates-as-holiday-sales-fall-less-than-predicted). Macy's also said at the beginning of the year it would cut jobs and close 40 stores to lower costs, but the *Enquirer* reported that the retailer might have to take more drastic steps than that. In January, it [predicted](http://www.cincinnati.com/story/01/03/macys-cut-any-hometown-stores/77375856/) that Macy's might have to shutter as many of a quarter of its 800 stores to get back on track. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/macys-bonus-pay/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Business", "item": "https://money.com/business/" }, { "@type": "ListItem", "position": 3, "name": "Employee Benefits", "item": "https://money.com/employee-benefits/" }, { "@type": "ListItem", "position": 4, "name": "Why Macy's Top Managers Aren't Happy Right Now" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/macys-bonus-pay/#webpage", "url": "https://money.com/macys-bonus-pay/", "name": "Why Macy's Top Managers Aren't Happy Right Now", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2016-03-30T19:18:34.000Z", "mainEntity": { "@id": "https://money.com/macys-bonus-pay/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/macys-bonus-pay/#breadcrumb" }, "dateModified": "2024-05-16T11:03:34.000Z" }, { "@type": "Article", "headline": "Why Macy's Top Managers Aren't Happy Right Now", "articleSection": "Business", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2016/03/160330_em_macys.jpg", "width": 2100, "height": 1400, "caption": "160330_EM_Macys" } ], "author": [ { "@type": "Person", "name": "Martha C. 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