Macy's Inc. is taking action to recover more than $600,000 in cash bonuses from its executives following an accounting scandal that inflated their pay. The company reported a $150 million accounting error, which was attributed to a rogue employee and led to the inflated bonuses. In a related development, Macy's Chief Operating Officer and Chief Financial Officer is set to exit the company amidst the fallout from the scandal. The move to claw back bonuses underscores the company's effort to address financial discrepancies and restore accountability within its executive ranks.
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🇺🇸 Macy's executives will have to pay back over $600,000 after an accounting scandal inflated their bonuses https://t.co/CmrwkZnJBj
🇺🇸 Macy's clawing back execs' bonuses linked to accounting scandal caused by rogue worker https://t.co/6u98WMBe5f