Smaller performance-based bonuses contributed to lower pay in the Nordstrom Inc. executive suites last year.
President Blake Nordstrom’s total compensation fell 59.3 percent to $2 million last year, which included a salary of $698,000. The largest change came in his performance bonus payout, which fell to $378,000 from $1.6 million in 2006.
The company’s management gets a 33 percent discount on merchandise and the money saved is recorded as part of each executive’s compensation. Blake Nordstrom’s 2007 take included a total of $36,000 saved on his purchases thanks to the discount.
His brother Peter, however, outspent him, saving $47,000 on his store purchases last year.
Peter Nordstrom, who is executive vice president and president of merchandising, saw his total compensation drop 55 percent to $1.7 million.
Compensation for another brother, Erik Nordstrom, executive vice president and president of stores, fell 55.8 percent to $1.7 million last year. He received discounts valued at $33,000.
Among the retailer’s other top executives receiving pay cuts were Michael Koppel, executive vice president and chief financial officer, down 42.5 percent to $1.3 million, and Daniel Little, executive vice president and chief administrative officer, off 45.4 percent to $1 million.