As retail CEOs were making tough decisions on layoffs and furloughs, they were also cutting their own salaries. Were those cuts enough?
In the bigger picture of these massive layoffs, these actions may not
be moving the financial needle substantially and are as much about public relations as fiduciary correctness. It shouldn’t be forgotten that much of a modern corporate CEO’s compensation is in the form of bonuses, stock options and other perks. Most of these announcements over the past few weeks referto “salary”—not total take-home pay. It’s unclear what a CEO’s 2020 tax return will show for total income even if they are giving up their entire salaries during this period.
And of course, what’s happening in the retail sector is going on throughout American business. Semler Brossy, the executive compensation company, recently reported that 97 companies in the Russell 3000 stock index had made reductions to CEO salaries as of the end of March. The average reduction was 67%.
But in the business of retailing, the pay cuts range from 100% to substantially less. Some companies have left it vague, perhaps on purpose. Here’s a cross-section of retailing companies and their announced pay cuts. Note that these are for the CEO only; cuts to chairmen, other C-level executives and additional executives may or may not be the same.Capri : Cut 100%
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