By  on October 18, 2012

Terry J. Lundgren on Thursday finalized the $20.4 million sale of 500,000 shares of Macy’s Inc., where he serves as chairman, president and chief executive officer. The stock was initially issued to Lundgren in 2003 as options with an effective grant price of $12.79. A company spokesman said those options would have expired in February.

Factoring in the grant price, Lundgren made $14 million on the stock sale, which was expected to close Thursday and detailed in a filing with the Securities and Exchange Commission.

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