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Macys' employee hid $150 million in expenses, CFO is LSU undergrad-who knows him?
Posted on 11/25/24 at 9:08 am
Posted on 11/25/24 at 9:08 am
LINK
Macy's said a former employee concealed up to $154 million in delivery expenses over the course of nearly three years.
The person who allegedly hid the money is no longer with the company, the department store operator said Monday morning, ahead of its third-quarter earnings report. The company, whose statement on the matter didn't say when the person left the job, didn't immediately respond to a request for comment.
Macy's CFO Adrian Mitchell, LSU engineering undergrad, Harvard MBA, 50 years old, of course he still has his job!
Macy's said a former employee concealed up to $154 million in delivery expenses over the course of nearly three years.
The person who allegedly hid the money is no longer with the company, the department store operator said Monday morning, ahead of its third-quarter earnings report. The company, whose statement on the matter didn't say when the person left the job, didn't immediately respond to a request for comment.
Macy's CFO Adrian Mitchell, LSU engineering undergrad, Harvard MBA, 50 years old, of course he still has his job!
This post was edited on 11/25/24 at 9:30 am
15
Posted on 11/25/24 at 9:09 am to secfballfan
Sweet! Looking forward to buying the dip.
Posted on 11/25/24 at 9:10 am to secfballfan
Pics.
ETA
Oh, it's a dude, shite. Misread Adrian.
ETA
Oh, it's a dude, shite. Misread Adrian.
This post was edited on 11/25/24 at 9:22 am
Posted on 11/25/24 at 9:10 am to secfballfan
Macy’s first mistake was handing the CFO job to an LSU undergraduate student
Posted on 11/25/24 at 9:11 am to RedPop4
Haha. Adrian is a mans name and this CFO is definitely a man.
Posted on 11/25/24 at 9:11 am to RedPop4
(no message)
This post was edited on 11/25/24 at 9:12 am
Posted on 11/25/24 at 9:12 am to secfballfan
There was an article the other day speculating that a ton of businesses have "hid" expenses like this through creative accounting since Covid and they can no longer hide it so it will all be coming out over the next several earnings reports.
I will see if I can find it.
I will see if I can find it.
Posted on 11/25/24 at 9:13 am to secfballfan
quote:
The person who allegedly hid the money is no longer with the company, the department store operator said Monday morning,
Uhhh... they do not indeed still have their job...
Posted on 11/25/24 at 9:16 am to nicklsu
Uhhh... they do not indeed still have their job...
was a manager- CFO is till there- 3 years of fraud
was a manager- CFO is till there- 3 years of fraud
Posted on 11/25/24 at 9:16 am to secfballfan
quote:
Macy's said a former employee concealed up to $154 million in delivery expenses
How can an "employee" do that? Was it a multimillionaire CEO?
Posted on 11/25/24 at 9:16 am to Evil Little Thing
Looking at the pic, I’m just shocked. Shocked I tell ya. Engineering grad + Harvard MBA = very little in the way of accounting skills.
ETA: How did this guy get the CFO job? Oh, that’s right, the same way he got into Harvard Business School.
ETA: How did this guy get the CFO job? Oh, that’s right, the same way he got into Harvard Business School.
This post was edited on 11/25/24 at 9:28 am
Posted on 11/25/24 at 9:22 am to secfballfan
quote:Even in this day and age, I find this confusing.
of course he still has her job
Posted on 11/25/24 at 9:24 am to Evil Little Thing
Is he related to Don Lemon? I can see some similarity
Posted on 11/25/24 at 9:27 am to secfballfan
How can something like this happen when the federal government is protecting investors with sound legislation like Sarbanes Oxley?
Posted on 11/25/24 at 9:31 am to RedPop4
quote:
Pics.
"Adriana La Cerva. There's one booyah hottie" -- Sean Gismonte.
This post was edited on 11/25/24 at 9:32 am
Posted on 11/25/24 at 9:39 am to SloaneRanger
Look up this guy's background - incredibly impressive. Hired by McKinsey directly out of LSU undergrad (<3 people in the history of LSU have done this) before going to HBS. He's as well-qualified as anyone.
Posted on 11/25/24 at 9:44 am to DrCarlWeiss
quote:
Hired by McKinsey directly out of LSU undergrad
Ah, McKinsey. This is just more evidence for the point I was making. This guy prolly got where he is without learning anything about auditing or internal controls. This debacle is the result. No competent CFO should let something like this happen on his watch. He was either in on it or was grossly unqualified.
Posted on 11/25/24 at 9:45 am to secfballfan
How in the world do you "hide" $50 million a year?
Posted on 11/25/24 at 9:47 am to secfballfan
These kind of decisions aren't made by one person. Many people were complicit in this. He's the head guy so he'll get the most punishment but guarantee there were a lot of other managers/directors etc. with years of experience that knew better and looked the other way.
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