By  on March 31, 2010

Macy’s Inc. chief executive officer Terry Lundgren last year received the maximum allowable nonequity incentive plan compensation, $7 million, helping to erase reductions in his stock and option awards and boost his overall pay 8.6 percent to $16.1 million.

Lundgren’s salary was unchanged at $1.5 million, but his incentive plan earnings jumped to the maximum amount from $900,000 in fiscal 2008. Meanwhile, the total of his stock and option awards fell by two-thirds, to $3.8 million from $11.9 million in 2008. Because of vesting schedules and fluctuating stock prices, awards weren’t necessarily realized, but they are reported to the Securities and Exchange Commission when companies file their annual proxy statements, as Macy’s did on Wednesday.

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