Sitemap By Tim Rogers Published in FrontBurner September 28, 2020 1:29 pm Geoffroy van Raemdonck has a great name. The CEO of Neiman’s also has a … Experts say it’s unusual for companies to ask to be repaid for covering furloughed employees’ share of their health care premiums. Neiman Marcus emerged from bankruptcy with a cushy perk for its top execs — and now its leaders are being accused of escaping the belt-tightening they imposed on everyone else. This story has been shared 305,507 times. Do Not Sell My Personal Information. Neiman Marcus to replace Karen Katz with new CEO-WSJ. This story has been shared 305,507 times. Van Raemdonck and Orsini are shown in the glossy spread lounging atop a “custom sofa . Severson declined to comment and Van Raemdonck didn’t respond to a request for comment, but in a recent interview with Women’s Wear Daily, the CEO was asked about his bonuses and the “ill-timed story highlighting his extravagant Dallas home.”. “That same benefit 20 years ago would have cost a lot less, because health care was not as expensive then. Bob Kupbens will join Neiman Marcus in February as Executive Vice President, Chief Product and Technology Officer. “I haven’t heard of anyone asking for the money back,” said Dana Fried, managing director of national tax services for CohnReznick, who advises companies on tax issues during the pandemic. Bankruptcy experts, meanwhile, say the company might have avoided such complaints had it just left the decision-making to its non-executive board members. For residents of California, Hawaii, Illinois, Iowa, Maryland, Michigan, Missouri, North Carolina, Oregon, Vermont, Virginia, West Virginia, and Wyoming: The company’s headquarters are in Dallas, Texas. Mom dies four days after receiving second dose of Moderna vaccine, Prince Harry inherited over $13M from Diana, Elderly woman may have been dead 12 years before body found in home, NYC school seeks to ax these words from kids' vocabulary for 'inclusivity', Royal experts explain why Meghan Markle had to give up passport, keys. Geoffroy pays no deductible, no co-pay for any expenses for him or his family. This story has been shared 305,507 times. For this reason, early company CEO Peb Atera was quoted in 1957 as saying in jest that Neiman Marcus was "founded on bad business judgment." Neiman Marcus, Inc., is a specialty retailer company that sells designer clothing, accessories and jewelry as well as fine home decor. Thanks for contacting us. The staffer questioned whether keeping the perk while cutting costs for rank-and-file represented a conflict of interest or breach of fiduciary duty for van Raemdonck. Neiman, which also owns luxury department store Bergdorf Goodman, filed for bankruptcy in May after it furloughed a majority of its 14,000 employees, temporarily cutting their salaries due to the pandemic. Adding insult to injury, employees who have recently returned to work say Neiman has slapped them with bills for thousands of dollars in health insurance premiums the company shouldered for them while they were furloughed. Neiman CEO Geoffroy van Raemdonck is making a bagful of bucks, including a so-called 'Cadillac' medical care bonus, even as the company has been shedding costs. As The Post has previously reported, the Belgian-born van Raemdonck stands to reap a reward of as much as $6 million as a result on top of the $4 million bonus he earned earlier this year. Do Not Sell My Personal Information, Your California Privacy Rights He was also named the 2018 Norman Award recipient by Nation’s Restaurant News, a 2018 Silver Plate honoree by IFMA, the 2017 Restaurant Leader of the Year by Restaurant Business, and a 2016 Entrepreneur of the Year in Retail and Consumer Products in the Southeast by EY. 59,057, © 2021 NYP Holdings, Inc. All Rights Reserved It’s unclear how much van Raemdonck stands to pocket as a result, but Neiman has previously said it would pay him and the other execs top dollar if the company emerged from bankruptcy with a clean balance sheet by Sept. 15, and less if the plan was confirmed by Nov. 15. DALLAS, Dec. 7, 2020 / PRNewswire / -- Neiman Marcus Holding Company, Inc. (the "Company") today announced the appointment of Paul Brown to serve as non-executive Chair of its Board of Directors, effective December 7, 2020. 71,846, This story has been shared 70,463 times. Of this total $461,539 was received as a salary, $1,936,202 was received as a bonus, $6,126,750 was received in stock options, $2,144,000 was awarded as stock and $438,203 came from other types of compensation. Kupbens, who will be reporting to Neiman Marcus Group CEO Geoffroy van Raemdonck, is a former executive at Apple, eBay, Delta and ADT, where he … He does not pay anything extra for this benefit. Neiman Marcus is asking a federal bankruptcy court in Texas to allow almost $10 million in pay raises for CEO Geoffroy van Raemdonck and seven … Post was not sent - check your email addresses! Free Shipping & Free Returns at Neiman Marcus. Neiman Marcus emerged from bankruptcy with a cushy perk for its top execs — and now its leaders are being accused of escaping the belt-tightening they imposed on everyone else. It acknowledged, however, that some of the same people who profited from the program also determined to keep it intact, without naming names. He takes over from interim CFO Dale Stapleton, who … The administrative cost alone amounted to $14,000 per person two years ago, according to a Neiman regulatory filing from 2018. It’s unclear when van Raemdonck and Orsini agreed to have their luxurious home featured in the magazine. Karen W Katz is Former Co-President/CEO at Neiman Marcus Group Inc. See Karen W Katz's compensation, career history, education, & memberships. “During our frequent video-calls, I could see them together beneath those beautiful original cobalt-blue-tinted roof tiles that cover their home, safe although worried like all of us around the world,” Tattoni-Marcozzi writes. Privacy Notice Former Neiman Marcus Group CEO Karen Katz and Good American CEO Emma Grede have joined TheRealReal's board. The employee pegged the cost of this program at $1 million a year. Her board is 60% female. . Your California Privacy Rights Van Raemdonck, meanwhile, became a lightning rod for showing off his Dallas mansion, filled with rare antiques and artwork by Andy Warhol, in an 11-page spread in a luxury magazine even as staffers were being handed pink slips. “Among other things, this benefit plan has been in existence for at least 15 years before the current senior management came into their current positions and it is a standard benefit plan offered by other companies to their senior executives,” Neiman said.But several senior retail executives and benefits experts told The Post that such benefits are hardly the norm. 59,057, © 2021 NYP Holdings, Inc. All Rights Reserved . The CEO of Neiman Marcus is being blasted for flaunting his wealth in the midst of a bankruptcy that led to job losses and pay cuts for rank-and-file workers, The Post has learned. Do Not Sell My Personal Information, Your California Privacy Rights 70,463, This story has been shared 59,057 times. “I feel really good,” says Geoffroy van Raemdonck, Neiman Marcus’s chief executive since 2018. “He should have eliminated this benefit to save money. Former Neiman Marcus Group CEO Karen Katz and Good American CEO Emma Grede have joined TheRealReal's board. 70,463, This story has been shared 59,057 times. On Friday, Neiman said it emerged from its Chapter 11 bankruptcy protection with a restructuring plan that eliminated $4 billion in debt and $200 million in annual interest expenses. Sorry, your blog cannot share posts by email. The piece also references Neiman’s troubles. “Everyone is wondering why [he] agreed to show off the house while health care, bankruptcy and layoffs are the main topics for Neiman Marcus.”. DALLAS, Dec. 7, 2020 /PRNewswire/ -- Neiman Marcus Holding Company, Inc. (the "Company") today announced the appointment of Paul Brown to … “He declined to comment on all that, other than saying, ‘We are looking to the future,’” the fashion pub said. Dive Brief: Neiman Marcus Group on Tuesday named Adam Orvos as Chief Financial Officer, effective April 25. “On the screen I watch as the children play outside in the grass and in the pool . 71,846, This story has been shared 70,463 times. Neiman … And now at least one staffer is internally complaining that van Raemdonck’s cost-cutting efforts failed to chop an outdated perk described by experts as a “Cadillac” medical benefit that only he and a small cadre of top execs benefit from — even though it stood to save the company significantly, The Post has learned. Your California Privacy Rights and I can see Geoffroy working hard in his home office, steering Neiman Marcus through tough decisions towards a new era.”, Wall Street firms' return-to-work movement gaining steam, This story has been shared 305,507 times. Neiman Marcus employees called CEO Geoffroy van Raemdonck 'tone-deaf' for flaunting his luxurious mansion in Dallas, Texas, in a magazine spread … The store, established on September 10, 1907, was lavishly furnished and stocked with clothing of a quality not commonly found in Texas. Neiman Marcus Group appoints Lana Todorovich as President and Chief Merchandising Officer of Neiman Marcus The chief executive of Neiman Marcus is under fire for flaunting his Texas mansion while the retailer emerges from bankruptcy. Derek Jeter's price-cut castle is fit for a king, Meghan Markle reportedly took 13 trips despite claims passport was taken away. “The last time I discussed this type of benefit was in 2009,” said Paul Fronstin, a director at the Employee Benefit Research Institute, who likened it to the “Cadillac” benefits that firms like Goldman Sachs once provided their well-heeled executives. On March 30, Neiman announced it would be furloughing a majority of its 14,000 employees or temporarily cutting their salaries. Your Ad Choices For additional information, you may contact Neiman Marcus' hotline at 1.866.579.2216, or visit our informational website accessible from our home page. NEIMAN MARCUS GROUP Neiman Marcus Group (NMG) has been the premier destination for luxury fashion and goods, superior service, and an elevated retail experience for more than a century. Your Ad Choices (Courtesy photo / Neiman Marcus) Van Raemdonck, 45, was … Terms of Use Veteran sales associates were laid off and replaced by less expensive part-time sales associates — a first for the company. He will stay on in the role and continue as a member of the company’s board. Neiman Marcus CEO Geoffroy van Raemdonck (left) and husband Alvise Orsini Getty Images The CEO of Neiman Marcus is being blasted for flaunting his … Gold President, Chief Merchandising Officer: Total Cash $2,467,257: Equity $1,145,238: Other $174,286: Total Compensation $3,786,781: Carrie M. Tharp Executive Vice President, Chief Digital Officer: Total Cash $1,222,859 Geoffroy van Raemdonck and … Neiman Marcus wants to raise pay for CEO Geoffroy van Raemdonck and 246 others Increased workloads and recent departures were given as … “We have determined that this is not a conflict of interest situation under our company’s code even though authority to keep or terminate this benefit plan resides with certain senior management who are also beneficiaries under such benefit plan,” Neiman said in its Oct. 23 response to the staffer, via the EthicsPoint platform. But it later emerged that he and other top executives stood to pocket as much as $9.9 million on the bankruptcy — with the biggest pot of $6 million being set aside for van Raemdonck, after he already received about $4 million in bonuses in February, before the pandemic hit. TheRealReal CEO Julie Wainwright warns board diversity mandates could be 'demeaning.' The CEO of Neiman Marcus is being blasted for flaunting... Neiman Marcus employees who complained about getting squeezed even as... Post was not sent - check your email addresses! 305,507, This story has been shared 71,846 times. Neiman is giving rehired staffers just two months to pay the premiums that would normally have been deducted from paychecks. One guest bathroom, adorned with a dreamscape mural and “silver and mirrored cabinets from the 1930s,” is described as “the most glamorous guest loo ever.” Outside, near the pool and pool house, is a chicken coop so elaborate, the author describes it as “more Versailles than farmhouse.”. . © 2021 NYP Holdings, Inc. All Rights Reserved, Neiman Marcus CEO may cut pricey perk for top execs: report, Neiman Marcus now offering no-interest payments on its pricey fashions, Neiman Marcus gives staffers more time in health care fracas, Neiman Marcus emerges from Chapter 11 bankruptcy amid COVID-19, NY State of mind: Elites who fled to Florida due to COVID now regretting it, Trump says US 'probably' would never have COVID-19 vaccine if he wasn't president, Hear ye, hear ye! “I’m not aware that this is a common practice,” added Andrew Challenger, senior vice president of the executive outplacement firm Challenger, Gray & Christmas, who offered his opinion about such benefits generally. . Mom dies four days after receiving second dose of Moderna vaccine, Prince Harry inherited over $13M from Diana, Elderly woman may have been dead 12 years before body found in home, NYC school seeks to ax these words from kids' vocabulary for 'inclusivity', Royal experts explain why Meghan Markle had to give up passport, keys, Neiman Marcus CEO Geoffroy van Raemdonck (left) and husband Alvise Orsini. December 13, 2020 | 2:06pm | Updated December 13, 2020 | 7:55pm. The Neiman Marcus Group is a luxury department store operator. He also selects who receives this,” said the employee, who complained anonymously via the EthicsPoint platform. The PaperCity spread comes as the company last week said its reorganization plan would result in an unspecified number of layoffs for “selling and non-selling associates.” Staffers say the company started handing out pink slips last week. We've received your submission. We've received your submission. The 15-year-old benefit — which even covers pricey orthodontia services — is only available to van Raemdonck, human resources chief Eric Severson and about eight other top executives and their families, according to sources with knowledge of the matter. “He either doesn’t care or he’s tone-deaf,” one employee griped to The Post. By Reuters Staff. 305,507, This story has been shared 71,846 times. Neiman CEO Geoffroy van Raemdonck has been lauded for steering the troubled retailer out of bankruptcy by helping it shed hundreds of millions in costs. But it survived the chopping block at Neiman, a decision the employee — who complained via a third-party reporting tool for companies to address workplace misconduct — laid at the feet of van Raemdonck. In addition to 42 Neiman Marcus stores, the company operates two Bergdorf Goodman locations in Manhattan, 24 Neiman Marcus …
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