The recession hit Macy’s Inc.’s credit rating Wednesday, as well as the pay package of chairman, president and chief executive officer Terry Lundgren.
Lundgren’s compensation fell 37.2 percent to $5.4 million last year as the retailer posted a $4.8 billion loss. The loss included a $5.38 billion impairment charge to write off part of the value of the May Department Stores Co. acquisition as Macy’s stock price and market capitalization sank.
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