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.