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.
The sale represents 14 percent of the 3.6 million Macy’s shares the ceo held as of the company’s proxy statement in March.
Lundgren has been ceo of Macy’s since 2003. He presided over the company’s merger with May Department Stores Co. and has rolled out a number of initiatives that have better tailored offerings for local markets, trained sales associates, expanded Web operations and focused on younger shoppers.
Shares of Macy’s slipped 1 percent to $40.44 Thursday.