Macy’s tightens controls after employee hid more than $150 million worth of expenses

  • CNN
  • December 11, 2024
CNN

 — 

Macy's said Wednesday that it has concluded its investigation into an employee who intentionally hid more than $150 million in expenses, and it has tightened its controls to avoid a repeat of the embarrassing problem.

"We've concluded our investigation and are strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance," said CEO Tony Spring in a statement. "Our focus is on ensuring that ethical conduct and integrity are upheld across the entire organization."

This is a developing story and will be updated.