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Business News Wales
02-05-2025
- Business
- Business News Wales
Three New Partners at FRP Amid Annual Promotions
Specialist business advisory firm FRP has added three colleagues to its partnership as it continues to invest in its team across the UK. As part of its latest round of promotions, Thomas Edwards (Cardiff) and Daniel Brecker (Manchester) have been named partners in FRP's corporate finance practice, while Tony Keehan (Brentwood) has been named partner in its restructuring advisory team. Meanwhile, Claire Huartson (Brentwood) has been named appointment-taking director and Mick Naumann (Leigh on Sea) director in the business' restructuring practice. Alexis Ioannides – based in FRP's office in Cyprus – has been made director in its financial advisory team. 96 further colleagues have been promoted across the business' restructuring advisory, corporate finance and financial advisory pillars, along with its central services team. In total, 27 colleagues have been promoted in FRP's London offices, 12 in Manchester, nine in Sheffield, eight in Brighton, seven in Brentwood, four in Cyprus, as well as others across the UK. The announcements come amid a period of sustained growth for the business, as it continues to enhance its national and international coverage and deepen its expertise across key service areas. In the last 13 months, FRP has completed five acquisitions, including Southampton-based commercial finance specialist Hilton-Baird, Newcastle-based WilliamsAli Corporate Finance and valuations specialist GlobalView; as well as launching offices in Northern Ireland and Wales that now give the firm an on-the-ground presence in every UK nation. It has also invested in new service lines, appointing John Nelson as a specialist training director to support the learning and development offering it provides to its national client base and Neil Withington to lead its national corporate simplification service, as well as opening a new office in Bournemouth. FRP now operates across a network of 33 locations in England, Scotland, Wales, Northern Ireland, the Isle of Man and Cyprus. Jeremy French, chief operating officer at FRP, said: 'These promotions recognise the dedication, expertise and ambition of our colleagues across the firm, who deliver outstanding service to our clients day-in, day-out. 'Our business has seen rapid growth in recent times and we have big plans for the year ahead. Further investment in our people is at the centre of our plans, ensuring we continue to attract the very best talent, create an environment where everyone can achieve their personal ambitions and continue to deliver the quality of service that we are known for.'
Yahoo
04-04-2025
- Business
- Yahoo
Macy's claws back over $600K in exec bonuses
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Macy's is clawing back over $600,000 in executive bonus compensation after determining its previously reported $151 million accounting error led to overinflated pay, according to a securities filing. The New York-based department store chain tied executives' cash bonuses to adjusted 2023 EBITDA, among other metrics; given the $151 million error correction, EBITDA for that year was overstated by just over $81 million, which shifted overall payout under the company's 2023 annual incentive plan, or STI plan, from '60.47% to 51.59% of target,' according to the filing Tuesday with the Securities and Exchange Commission. As a consequence, the company issued 'erroneously awarded compensation of $609,613' under its 2023 STI plan, according to the filing. In a separate filing Tuesday, Macy's also announced sweeping leadership changes, appointing Thomas Edwards, presently the CFO and chief operating officer for luxury group Capri Holdings, as its next CFO and COO, CFO Dive previously reported. Edwards will step in for Macy's CFO and COO Adrian Mitchell effective June 22, according to the release. Both the clawbacks and the leadership shifts come just over four months after Macy's reported an individual employee had intentionally made 'erroneous accounting accrual entries' which hid over $100 million in delivery expenses from a period starting in the fourth quarter of 2021 to the quarter ended Nov. 2, 2024, according to a company release. In December Macy's said an independent investigation had shown the $151 million error had 'no material impact on financial results for any historical annual or interim period' and that it would be making changes to ensure such an error would not happen again. At the same time, the company also concluded 'that revisions should be made to its historical consolidated financial statements that were impacted by these misstatements to properly reflect delivery expense, the related accrual and tax effects,' according to the Tuesday filing. The clawbacks are based on profit numbers that were overstated due to the accounting error; meaning this 'isn't exactly a penalty — it's collection of overpayments,' said David Swartz, senior equity analyst with Morningstar. 'It's still unclear to me that this issue is related to Macy's CFO change,' Swartz told CFO Dive via email. 'The misstatements are clearly embarrassing, but I think the CFO would have been fired months ago if he was mainly to blame.' Experts remain split over whether Macy's decision to swap finance chiefs is related to the $151 million error; in previous comments to CFO Dive, Swartz noted if Mitchell was 'going to take the fall' for the error, his departure likely would have happened earlier. Others were less convinced. Ed Ketz, an associate professor for accounting at Penn State University, told CFO Dive that Macy's board likely would have been under pressure to make changes, and if Mitchell had departed earlier, the retailer would be 'practically admitting an error.' The erroneously awarded compensation was paid to 'covered officers' in April 2024, with the aggregate amount outstanding as of the end of its fiscal 2024 standing at $609,613. As of April 1, 2025, the aggregate amount outstanding stood at $352,093. The company will 'seek to recover the remaining amount of the erroneously awarded compensation from Covered Officers in accordance with the Clawback Policy during fiscal 2025,' according to the Tuesday filing. According to the company's proxy statement for its full-year 2023, Mitchell as CFO and COO received $742,036 in non-equity incentive compensation for the year as part of total compensation of $7.8 million. For 2024, Mitchell received non-equity incentive compensation of approximately $1.2 million, with total compensation reaching $5.5 million, according to Macy's latest proxy filed Tuesday. Macy's declined to comment. Sign in to access your portfolio
