Macy’s Inc. is ready to reward its top executives nearly 1.3 million shares of stock, more than half of them to chairman, president and chief executive officer Terry Lundgren, if they can steer the company toward the head of retailing’s equity class during the next three years.
The compensation and management development committee of Macy’s board has approved a series of “Founders Awards,” restricted stock units based on the performance of the company’s shares in comparison to 10 other retailers over a three-year period beginning with the current fiscal year. If Macy’s shares perform better than the 66th percentile of the peer group, the executives would receive all of the allotted units. The number would dip down to 75 percent if Macy’s shares, including reinvested dividends, are above the 50th percentile but below or equal to the 66th percentile and to zero if “total shareholder return” (TSR) falls at or below the 50th percentile.
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