Macy's gives CEO $14.5 million; a 23 percent bump

AP News
Posted: Mar 29, 2012 4:48 PM
Macy's gives CEO $14.5 million; a 23 percent bump

Macy's Inc. gave its CEO Terry Lundgren a pay package worth $14.5 million in 2011, a 23 percent raise from the previous year, as the department-store chain continued to deliver strong sales during the shaky economic recovery.

Compensation for Lundgren included a $1.5 million salary, stock and option awards worth $7.7 million and cash-based performance bonus of $5.1 million, according to documents filed with the Securities and Exchange Commission. Lundgren has led the department store chain since 2003.

All other compensation came to $78,925 and covered costs for use of the company's aircraft.

The department store chain, based in Cincinnati, has been a standout in the department-store sector, in part because of its efforts to carry more exclusive brands and tailor merchandise in each store to fit regional tastes.