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Macy's Executive Compensation (FY25)

M · Executive and director compensation, fiscal 2023 to 2025

The paid brief on Macy's

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Data as of September 12, 2026Latest filing (8-K): May 18, 2026
15 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Macy's brief$1,500Get the executive brief
261 figures on this page: 250 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Tony Spring
Median of the other named officers
$4,756,362
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 15, 2026
Chief executive pay ratio
◇
To the median employee

More on Macy's

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Tony Spring: $16,452,108 → $14,104,067 (14.3% lower)
Say-on-pay support: 88.8% → 78.6% (10.2 points lower)
CEO pay ratio: 417:1 → 368:1 (11.8% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Macy's' chief executive and what were they paid?
Tony Spring was paid $14,104,067 in total compensation as Chairman and Chief Executive Officer for fiscal 2025. Compared with the $16,452,108 reported for fiscal 2024, Spring's total was 14.3% lower.
What was Macy's' say-on-pay result?
Shareholders supported the say-on-pay proposal with 78.6% of votes cast for or against in favor at the meeting held May 15, 2026 for fiscal 2025.
Which companies are in Macy's' peer group?
Companies named in the disclosed peer group include Best Buy Co., Inc., Burlington Stores, Inc., Dick's Sporting Goods, Inc., Dillard's Inc. and Dollar Tree, Inc., among others.
What is Macy's' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 368:1, against median employee compensation of $38,296.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Tony Spring
Chairman and Chief Executive Officer
◇—◇—◇◇◇◇
Danielle Kirgan
Chief Human Resources Officer and Chief Corporate Affairs Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Tony Spring
Chairman and Chief Executive Officer
◇—◇—◇◇◇◇
Danielle Kirgan
Chief Human Resources Officer and Chief Corporate Affairs Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Tony Spring
Chairman and Chief Executive Officer
◇—◇—◇◇◇◇
Thomas Edwards
Chief Operating Officer and Chief Financial Officer
◇◇◇—◇——◇
Adrian Mitchell
Former Chief Operating Officer and Chief Financial Officer
Departed during or after this year
◇———◇—◇◇
Olivier Bron
Chief Executive Officer, Bloomingdale's
◇◇◇—◇—◇◇
Danielle Kirgan
Chief Human Resources Officer and Chief Corporate Affairs Officer
◇—◇—◇—◇◇
Tracy Preston
Chief Legal Officer and Corporate Secretary
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2026
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Danielle KirganRSU——————◇
Olivier BronPRSU——————◇
Thomas EdwardsPRSU——————◇
Thomas EdwardsRSU——————◇
Tony SpringPRSU——————◇
Tracy PrestonRSU——————◇
Fiscal 2025 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Olivier BronRSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
Danielle KirganRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
Tracy PrestonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
Adrian MitchellRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Thomas EdwardsRSU◇◇——
RSU◇◇——
PSU◇◇——
Tony SpringRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Adrian Mitchell
Former Chief Operating Officer and Chief Financial Officer · Severance agreement
Severance multiple◇
Severance base◇
Change-in-control trigger◇
Danielle Kirgan
Chief Human Resources Officer and Chief Corporate Affairs Officer · Severance agreement
Severance multiple◇
Severance base◇
Change-in-control trigger◇
Olivier Bron
Chief Executive Officer, Bloomingdale's · Severance agreement
Severance multiple◇
Severance base◇
Change-in-control trigger◇
Equity acceleration on change in control◇
Excise tax treatment◇
Clawback◇
Thomas Edwards
Chief Operating Officer and Chief Financial Officer · Severance agreement
Severance multiple◇
Severance base◇
Change-in-control trigger◇
Excise tax treatment◇
Clawback◇
Tony Spring
Chairman and Chief Executive Officer · Severance agreement
Severance multiple◇
Severance base◇
Tracy Preston
Chief Legal Officer and Corporate Secretary · Severance agreement
Severance multiple◇
Severance base◇
Change-in-control trigger◇
Equity acceleration on change in control◇
Excise tax treatment◇
Clawback◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul C. Varga
Lead independent director
◇◇———◇◇
Marie Chandoha
◇◇———◇◇
Deirdre P. Connelly
◇◇———◇◇
Jill Granoff
◇◇———◇◇
Richard L. Markee
◇◇———◇◇
Douglas W. Sesler
◇◇———◇◇
Richard Clark
◇◇———◇◇
Tracey Zhen
◇◇———◇◇
Emilie Arel
◇◇———◇◇
Torrence N. Boone
◇◇———◇◇
Naveen K. Chopra
◇◇————◇
Robert B. Chavez
◇◇———◇◇
Sara Levinson
◇————◇◇
Tony Spring served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual Board retainer ($450,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2026
  • Best Buy Co., Inc. BBY
  • Burlington Stores, Inc. BURL
  • Dick's Sporting Goods, Inc. DKS
  • Dillard's Inc. DDS
  • Dollar Tree, Inc. DLTR
  • Foot Locker, Inc. FL
  • Gap Inc. GAP
  • Kohl's Corporation KSS
  • Lowe's Companies, Inc. LOW
  • Nordstrom, Inc. JWN
  • Ross Stores, Inc. ROST
  • Target Corporation TGT
  • TJX Companies, Inc. TJX
  • Ulta Beauty, Inc. ULTA
  • Williams-Sonoma, Inc. WSM

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 15, 2026=◇◇◇
2024May 16, 2025=◇◇◇
2023May 17, 2024=◇◇◇
2022May 19, 2023=◇◇◇
2021May 20, 2022=◇◇◇
2020May 21, 2021=◇◇◇
2019May 15, 2020=◇◇◇
2018May 17, 2019=◇◇◇
2017May 18, 2018=◇◇◇
2016May 19, 2017=◇◇◇
2015May 20, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Macy's disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Macy's sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
261 figures on this page: 250 cited to the filing that reported them, 11 calculated from figures it prints.
250 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000794367-26-000038
  2. 0001104659-26-037752
    2025 Director Compensation · 2025 Outstanding Equity Awards at Fiscal Year-End · 2025 Summary Compensation Table · CEO Pay Ratio · and 2 more sections
  3. 0000794367-25-000092
  4. 0001558370-25-004270
    2024 Summary Compensation Table
  5. 0000794367-24-000146
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001558370-24-005094
    2023 Summary Compensation Table
  7. 0000794367-23-000055
  8. 0001564590-22-020991
    Meeting Information
  9. 0001564590-21-029517
    Meeting Information
  10. 0000794367-20-000061
    Meeting Information
  11. 0000794367-19-000066
  12. 0000794367-18-000063
  13. 0000794367-17-000076
  14. 0000794367-16-000236
  15. 0000794367-14-000071
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Macy's executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/M (accessed 2026).
Short form: data: Velarion

The paid brief for Macy's

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Macy's discloses

The companies named in M's own disclosed peer group.

Best Buy Co., Inc.Burlington Stores, Inc.Dick's Sporting Goods, Inc.Dillard's Inc.Dollar Tree, Inc.Foot Locker, Inc.Gap Inc.Kohl's CorporationLowe's Companies, Inc.Nordstrom, Inc.Ross Stores, Inc.Target CorporationTJX Companies, Inc.Ulta Beauty, Inc.Williams-Sonoma, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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