[US] Foot Locker restoring executive salaries as some employees stay sidelined

24 AUG 2020

Foot Locker has announced that it will restore executive salaries on September 1 following the company's positive stock performance. Salaries were significantly reduced from May 3 as part of COVID-19 crisis cost-saving efforts. Foot Locker Chief Executive Richard Johnson's salary was slashed by 40 per cent while executive vice presidents and senior vice presidents had 20 per cent salary reductions. (Link via original reporting)

The salaries of corporate vice presidents and general manager-level executives were reduced by 10 per cent. The share repurchase program will also be restarted on September 1. And Foot Locker has declared a 15-cents-per-share quarterly dividend payable on October 30 to shareholders of record as of October 16. Other employees of the company remain sidelined at present. Market Watch looks at what motivated the decision on executive salaries and examines the company’s stock prices.

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