Curious about how much the leader of Macy’s earns?
Tony Spring, the current CEO of Macy’s, Inc., took the helm in February 2024 and was appointed chairman of the board just two months later in April 2024.
His compensation package has become a topic of interest for investors, employees, and business enthusiasts alike.
In this comprehensive guide, we’ll break down everything you need to know about Tony Spring’s salary, total compensation, and how it compares to industry standards.
Who is Tony Spring? The New Face of Macy’s Leadership
Tony Spring isn’t new to the Macy’s family.
Before becoming CEO, he served as president of Macy’s, Inc. since March 2023, giving him deep knowledge of the company’s operations and challenges.
Spring’s career in retail spans over three decades, with most of his experience at Bloomingdale’s, a sister company under the Macy’s, Inc. umbrella.
From 2014 to 2023, he served as chairman and chief executive officer of Bloomingdale’s, where he oversaw merchandising, marketing, operations, stores, and online platforms.
His journey at Bloomingdale’s began in 1987 as an executive merchandise trainee in the White Plains, NY store.
Over the next eight years, he climbed the ranks through positions of increasing responsibility in merchandising before becoming senior vice president for home furnishings.
Spring holds a bachelor’s degree from Cornell University and is deeply involved in community service.
He serves on the Executive Committee of the National Retail Federation and is the board chair for the National Retail Federation Foundation.
Additionally, he sits on the Board of Directors of the Juvenile Diabetes Research Foundation (JDRF) and the Hospital for Special Surgery Advisory Board.
Tony Spring’s 2024 Total Compensation: Breaking Down the Numbers
In the 2024 fiscal year, Tony Spring received a total compensation package of $16,452,108.
This substantial figure reflects his role as the leader of one of America’s most iconic retail companies.
However, the breakdown of this compensation is what truly tells the story of modern executive pay structures.
Base Salary Component:
Spring’s base salary is positioned around $1 million annually, representing approximately 7.9% of his total compensation.
This relatively modest base salary is typical for large retail corporations, where executives are incentivized through performance-based compensation.
Bonuses and Stock Options:
The lion’s share of Spring’s compensation—92.1%—comes from bonuses and stock options.
This structure aligns his financial interests with company performance and shareholder value creation.
When a CEO’s wealth is tied to stock performance, they’re motivated to make decisions that benefit long-term company growth.
CEO Compensation Comparison Table: Macy’s Leadership Through the Years
| Year | CEO Name | Total Compensation | Base Salary | Bonuses & Equity | Pay Ratio (CEO to Median Employee) |
| 2024 | Tony Spring | $16,452,108 | ~$1,000,000 (7.9%) | ~$15,452,108 (92.1%) | 417:1 |
| 2023 | Jeff Gennette | $11,800,000 | Not Specified | Included in Total | Not Specified |
| 2022 | Jeff Gennette | $11,100,000 | Not Specified | Included in Total | Not Specified |
Note: Data sourced from SEC filings (DEF 14A) and Salary.com. Compensation structures may vary year to year based on company performance and board decisions.
Understanding the CEO Pay Ratio: What Does 417:1 Mean?
The CEO pay ratio of 417:1 is a critical metric that deserves explanation.
This means Tony Spring’s total compensation is 417 times higher than the median Macy’s employee’s annual pay.
If a median Macy’s employee earns approximately $39,500 per year, the CEO earns $16.45 million annually.
This ratio has become increasingly scrutinized by shareholders, employees, and the general public.
The Securities and Exchange Commission (SEC) now requires public companies to disclose this ratio in their proxy statements.
The 417:1 ratio at Macy’s is higher than some retail competitors but reflects the complexity of leading a major retail corporation during challenging market conditions.
How Does Tony Spring’s Compensation Compare to Other Retail CEOs?
Tony Spring’s $16.45 million total compensation places him in the upper tier of retail CEO compensation.
However, it’s important to understand how this compares to peers in the industry.
Retail Industry Comparisons:
- Walmart CEO: Typically earns between $20-25 million annually, reflecting Walmart’s position as the world’s largest retailer.
- Target CEO: Generally receives $15-18 million in total compensation.
- Nordstrom CEO: Compensation ranges from $12-16 million depending on performance metrics.
- Amazon CEO: While not traditional retail, compensation structures differ significantly due to the company’s tech-focused nature.
Spring’s compensation is competitive within the traditional retail sector.
Given Macy’s market challenges and the company’s transformation efforts, the board’s compensation decision reflects confidence in Spring’s leadership abilities.
The Significant Jump from Previous CEO Jeff Gennette
Tony Spring’s $16.45 million compensation represents a notable increase from his predecessor.
Jeff Gennette, the previous CEO, earned $11.8 million in 2023 and $11.1 million in 2022.
This represents an increase of approximately $4.65 million (39.4%) from 2023 to 2024.
Why the Significant Increase?
Several factors likely contributed to this compensation increase:
- New CEO Premium:
When a new CEO takes the helm, boards often offer competitive packages to attract and retain top talent.
Spring was promoted internally, but the board likely adjusted his compensation to reflect his expanded responsibilities.
- Performance Incentives:
Spring’s package is heavily weighted toward performance-based compensation.
If Macy’s stock performance improved or company metrics exceeded targets, his bonus and equity components would increase.
- Transformation Leadership:
Macy’s has been undergoing significant transformation, including store closures and strategic repositioning.
The board may have offered higher incentive-based compensation to motivate strong performance during this challenging period.
Breaking Down the Compensation Structure: Salary vs. Equity
Understanding how Tony Spring’s compensation is structured provides insight into modern executive pay philosophy.
The 7.9% Base Salary Model:
Spring’s base salary of approximately $1 million is fixed compensation.
This covers his essential living expenses and provides income security.
However, it represents less than 8% of his total package.
The 92.1% Performance-Based Model:
The remaining $15.45 million comes from bonuses and stock options.
This structure includes:
- Annual Performance Bonuses: Based on achieving specific financial and operational targets.
- Long-Term Equity Grants: Stock options and restricted stock units that vest over multiple years.
- Incentive Plans: Additional bonuses tied to shareholder returns and company metrics.
This heavy weighting toward performance-based compensation is designed to align executive interests with shareholder interests.
If the company performs well, Spring benefits. If it underperforms, his compensation decreases.
Tony Spring’s Net Worth: Beyond the Annual Salary
While Tony Spring’s 2024 compensation is $16.45 million, his total net worth extends beyond annual earnings.
Sources of Wealth:
- Macy’s Stock Holdings:
As CEO and chairman, Spring likely holds significant Macy’s stock through equity grants and personal investments.
Stock holdings can fluctuate based on market conditions and company performance.
- Accumulated Wealth from Previous Roles:
Spring’s 37-year career at Bloomingdale’s and Macy’s, Inc. has provided substantial compensation over decades.
Years of bonuses, equity grants, and salary accumulation have built considerable wealth.
- Diversified Investments:
Like most high-net-worth executives, Spring likely maintains diversified investment portfolios beyond company stock.
Estimated Net Worth Range:
While exact figures aren’t publicly disclosed, industry estimates suggest Tony Spring’s net worth likely ranges between $15-30 million.
This is based on accumulated compensation, stock holdings, and potential real estate investments.
SEC Filings: Where to Find Official Compensation Data
All CEO compensation information for public companies like Macy’s is available through SEC filings.
DEF 14A Proxy Statements:
The most detailed compensation information appears in the DEF 14A proxy statement, filed annually before shareholder meetings.
This document includes:
- Executive compensation tables
- CEO pay ratios
- Compensation philosophy and structure
- Board decisions on pay adjustments
How to Access This Information:
- Visit the SEC’s EDGAR database at www.sec.gov/edgar
- Search for “Macy’s, Inc.” or ticker symbol “M”
- Look for the most recent DEF 14A filing
- Navigate to the “Executive Compensation” section
Transparency and Accountability:
These public filings ensure transparency and allow shareholders to evaluate whether executive compensation aligns with company performance.
Factors Influencing CEO Compensation at Macy’s
Several factors shape Tony Spring’s compensation package:
- Company Performance:
Macy’s financial results directly impact bonus calculations and stock-based compensation.
Strong earnings and revenue growth can increase total compensation.
- Retail Industry Challenges:
The retail sector faces significant headwinds from e-commerce competition and changing consumer behavior.
Boards often increase compensation for CEOs navigating challenging industry conditions.
- Stock Price Performance:
Since much of Spring’s compensation is equity-based, Macy’s stock price directly affects his wealth.
- Board Decisions:
The Compensation Committee of Macy’s Board of Directors determines compensation levels based on market benchmarking and company strategy.
- Economic Conditions:
Inflation and economic cycles influence salary adjustments and bonus structures.
Key Takeaways: What You Need to Know
- Tony Spring’s 2024 Total Compensation:
Tony Spring earned $16,452,108 in total compensation during 2024, with only 7.9% from base salary and 92.1% from bonuses and equity.
- Significant Increase from Previous Leadership:
This represents a 39.4% increase from predecessor Jeff Gennette’s 2023 compensation of $11.8 million.
- Performance-Based Structure:
Spring’s compensation is heavily weighted toward performance metrics, aligning his interests with shareholder value creation.
- CEO Pay Ratio Context:
The 417:1 pay ratio means Spring earns 417 times more than the median Macy’s employee, reflecting broader conversations about income inequality in corporate America.
- Competitive Industry Positioning:
While substantial, Spring’s compensation is competitive within the retail industry and reflects the complexity of leading a major corporation.
- Transparency Through SEC Filings:
All compensation details are publicly available through SEC filings, ensuring accountability and shareholder oversight.
Conclusion
Tony Spring’s compensation package of $16.45 million reflects his critical role leading Macy’s through a transformative period in retail.
His heavily performance-based compensation structure demonstrates the board’s confidence in his ability to drive shareholder value.
While the CEO pay ratio of 417:1 raises important questions about income inequality, it’s essential to understand the context of executive compensation in large corporations.
Spring’s 37-year retail career and promotion from within Macy’s, Inc. suggest the board believes he’s the right leader for the company’s future.