NEW YORK — Terry J. Lundgren, Macy’s Inc.’s chairman, president and chief executive officer, received an 18.4 percent pay raise in total compensation for 2011.
The ceo’s salary was disclosed in the retailer’s definitive proxy, filed Wednesday with the Securities and Exchange Commission.
The raise in 2011 brought Lundgren’s total pay package to nearly $17.7 million from $14.9 million in 2010. That includes a base salary of $1.5 million, $4.6 million in stock awards, $3.1 million in option awards, $5.1 million from a nonequity incentive plan bonus and other compensation perks, which includes the value of $69,611 for aircraft usage.
Macy’s executive compensation links pay to performance, and the regulatory filing said that 87 percent of Lundgren’s “targeted total direct compensation (salary, annual bonus and grant date value of long-term incentive awards) for fiscal 2011 was at risk and tied to financial performance, corporate objectives and/or stock price performance.”
Karen Hoguet, chief financial officer, received an 8.8 percent raise to $4.3 million for her total compensation package from $4 million in 2010. That includes a base salary of $812,000, plus $794.980 in stock awards and $529,999 in option awards. Her nonequity incentive plan compensation for last year was $1.3 million.
The proxy also disclosed that nonemployee directors are entitled to $60,000 in annual compensation, which may, at the director’s election, be received in cash or as a stock credit. Those who serve on committees receive an additional $10,000 and those who chair the individual committees are entitled to compensation of $20,000 for that effort. Directors may also participate in the philanthropic matching gift program of the Macy’s Foundation. The program provides for a match of up to $22,500 of gifts made by the director to approved charities in any calendar year.
The company plans to hold its annual meeting of shareholders on May 18 at 11 a.m. at Macy’s office in Cincinnati.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)