Form 4: Macy's CEO Jeffrey Gennette Reports Stock Transactions
SEC Form 4 Filing
Macy's CEO Jeffrey Gennette reports the vesting of restricted stock units and subsequent sale of shares to cover tax obligations.
Summary
- On March 25, 2024, Jeffrey Gennette, CEO of Macy's, Inc., acquired 55,158 shares of common stock through the vesting of restricted stock units.
- These restricted stock units were granted on March 25, 2021, and vested in four equal installments starting on the first anniversary of the grant date.
- On March 26, 2024, Gennette sold 27,132 shares of common stock at a weighted average price of $19.4356 per share to cover tax withholding obligations.
- Following these transactions, Gennette directly owns 1,043,041 shares of Macy's common stock.
Sentiment
Score: 5
Explanation: The document reflects routine executive stock transactions related to compensation and tax obligations, indicating a neutral sentiment.
Industry Context
Executive stock transactions are a common occurrence in publicly traded companies and are often related to compensation packages and tax obligations. These transactions are closely monitored by investors for insights into management's perspective on the company's performance and future prospects.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time, aligning management's interests with those of shareholders.
- The sale of shares to cover tax obligations upon vesting is a standard practice among executives receiving equity compensation.
- Comparable companies such as Nordstrom and Kohl's also have executives who regularly report stock transactions via Form 4 filings.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they are related to executive compensation and tax obligations.
- Shareholders may view the transactions as a routine part of executive compensation.
Key Dates
| Date | Description |
|---|---|
| 03/25/2021 | Reporting person was granted 220,632 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date. |
| 03/25/2024 | Acquisition of 55,158 shares of common stock through vesting of restricted stock units. |
| 03/26/2024 | Sale of 27,132 shares of common stock at a weighted average price of $19.4356 per share. |
| 03/27/2024 | Date of Form 4 signature. |
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