Macy's announced on April 3, 2025, that it clawed back over $600,000 in executive bonuses. This action was taken after an accounting error led to an overstatement of 2023 EBITDA by $81 million, as detailed in a securities filing.
The overpayment to C-suite members in 2023 was a direct result of the previously disclosed accounting error, where an employee hid $151 million in delivery costs. This move underscores the company's efforts to correct the financial impact of the scandal.
The clawback demonstrates Macy's commitment to accountability and rectifying financial misstatements. It is a direct consequence of the material weakness in internal controls identified during the investigation into the hidden expenses.
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