Macy's Chairman, CEO pay package down 8 percent

AP News
Posted: Apr 05, 2011 11:52 AM
Macy's Chairman, CEO  pay package down 8 percent

An Associated Press analysis shows Macy's chairman, CEO and president, Terry Lundgren, got a pay package for 2010 that was worth $11.7 million, an 8 percent drop from 2009

The 59-year-old Lundgren's base salary was $1.5 million both years, and he received stock awards worth $3.6 million when they were granted in 2010, 50 percent increase from 2009.

But his total pay fell because that the value of his stock options, cash-based performance bonus and perks all fell.

The company that operates Macy's and Bloomindale's stores offered the figures in a filing last week with the Securities and Exchange Commission. Macy's is based in Cincinnati..

The AP's calculation counts salary, bonuses, perks and stock and options awards to the executive during the year.