Ascena Restores Executive Salaries and Offers Retention Plan

Ascena Retail Group’s board reverses salary cuts imposed on executives amid Covid-19 store closings and offered retention payments as the company inches toward a potential bankruptcy filing.

• Base salaries return to pre-reduction rates to “retain and continue to motivate” its executive officers, according to a regulatory filing Monday
  • Base salary of CEO and interim board chair were slashed 50% on March 29
  • Reversal affects all executives who were subject to temporary cuts because of Covid-19
• Retention and performance plan designed to cover six months gives executives some cash bonuses immediately, subject to certain conditions:
  • Under the retention arrangement:
  • $1,068,750 ...