Hundreds of Neiman Marcus executives just learned they could lose a chunk of their retirement savings in the swanky retailer’s bankruptcy — and some are pointing a finger at their well-compensated boss.
As part of an agreement with creditors, the Dallas-based luxury chain last week quietly proposed wiping out $120.3 million owed to 430 current and retired executives who participated in five supplemental retirement plans operated by the company, bankruptcy court documents show.
That’s despite the fact that Neiman in February lavished a $4 million bonus on its 46-year-old chief executive, Geoffroy van Raemdonck, just months before it filed for bankruptcy in May. It has set aside an additional $6 million in bonus payments for him if the company emerges from Chapter 11 next month.
Current employees were informed last week in an internal e-mail sent out by Neiman Chief People Officer Eric Severson.
Source: NY POST