Real estate bigwigs are taking a pay cut as retail properties empty out — a correction to the over-built retail environment and a result of the shift to e-commerce, The Wall Street Journal reports.
Simon Property Group, GGP and Macerich executives are taking cuts to their compensation because of how tightly their packages are tied to their companies’ performance on Wall Street, according to the report.
Simon has eliminated stock grants, according to a proxy statement filed with the Securities and Exchange Commission cited by the Journal, which rewarded millions in shares to executives when the company’s stock did well.
