Macy’s Discloses Tony Spring and Adrian Mitchell Compensation Packages
As Macy’s Inc.’s new president and chief executive officer-elect, Tony Spring is receiving a generous compensation package including salary, incentives and time-based and performance-based stock.
Spring, formerly chairman and CEO of the Bloomingdale’s division of Macy’s Inc., will receive an annual base salary of $1 million. He’ll also receive an annual target incentive opportunity of 135 percent of base salary, and time-based and performance stock valued at $4 million. The restricted stock will vest 25 percent on the first four anniversaries of the grant date, and the performance-restricted stock will vest at the end of the three-year period based on the predetermined goals and targets.
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Spring’s compensation was disclosed in a Securities and Exchange Commission filing Wednesday, the same day his promotion was announced.
Also on Wednesday, Adrian Mitchell, Macy’s Inc. chief financial officer, was given the additional role of chief operating officer with an increased scope of responsibilities. According to the SEC filing, Mitchell will receive an annual base salary of $950,000; annual target incentive opportunity of 135 percent of base salary and a target annual equity grant with a grant date fair value of $3.3 million. That equity plan is also a combination of time-restricted stock and performance-restricted stock, weighted 50 percent each, based on grant date fair value. The restricted stock will vest 25 percent on the first four anniversaries of the grant date. The performance restricted stock will vest at the end of the three-year period based on the predetermined goals and targets.
Mitchell also received restricted stock with a grant date fair value of $3 million vesting 100 percent on the second anniversary of the grant date.
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