Macy’s CEO tells employees he won’t be paid during the coronavirus crisis

• The CEO of Macy’s will not be recieving any compensation amid the coronavirus crisis.
• In an email to employees, CEO Jeff Gennette said that the company must take “unusual measures to conserve cash throughout the crisis.”
• Directors and more senior workers will also see a reduction in pay from April 1 that will continue throughout the pandemic.
• Visit Business Insider’s homepage for more stories.

The CEO of Macy’s said he will not be receiving any compensation from the company amid the coronavirus pandemic.

In an email to employees on Wednesday, CEO Jeff Gennette said that the company must take “unusual measures to conserve cash throughout the crisis,” adding that the department store chain had frozen hiring and deferred capital spend and is extending its payment terms, among other measures.

In addition, all directors and more senior employees will see a reduction in pay starting April, which will continue throughout the crisis. The company is also deferring the payment of bonuses and merit increases this year.

Gennette said in the email that he will receive “no compensation,” without specifying how long that would last. A spokesperson for the company later confirmed to Business Insider that he will not be paid for the duration of the crisis.

At this point, he isn't ruling out any layoffs. "Even with government support, we may need to take additional actions that will directly impact our great colleagues," he said, adding that this would be its "last resort."

He continued: "If we do require furloughs or layoffs, it will be in order to ensure the survival of the company."

Macy's is one of many retailers across the world to have been severely impacted by the coronavirus outbreak as the US goes into lockdown.

Gennette said that while the initial plan had been to reopen its stores, which closed on March 17, on April 1, this plan is now looking "highly unlikely."

"We have no way of knowing how long our stores will remain closed, but we believe it will be at least several weeks before we have a clear line of sight," he said.