By  on March 31, 2011

Terry Lundgren took a 7.4 percent cut in total compensation last year as a marked increase in his stock awards wasn’t enough to offset reductions in his options, cash bonus and car use.

According to the definitive proxy filed with the Securities and Exchange Commission Wednesday, Lundgren, chairman, president and chief executive officer of Macy’s Inc., earned a total of $14.9 million in 2010 versus $16.1 million in 2009. His salary was unchanged at $1.5 million and his stock awards rose 51.2 percent to $3.6 million.

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