By  on April 10, 2009

Blake Nordstrom, president of Nordstrom Inc., received a $1.6 million pay package last year, a 20.3 percent decline as the recession sapped strength from the high-end market.

Nordstrom took home a salary of $696,111 and other compensation of $65,676, including merchandise discounts of $46,374 and personal use of company aircraft valued at $4,816, according to a filing Thursday with the Securities and Exchange Commission.

He also received stock and option awards valued at $796,983. Stock and option awards are reported based on SEC accounting guidelines. The compensation recorded in these categories was not necessarily realized because of vesting schedules and falling share prices.

The other two Nordstrom brothers, Peter, who is executive vice president and president of merchandising, and Erik, executive vice president and president of stores, also saw their pay decrease. Peter’s total compensation fell 28.3 percent to $1.2 million as Erik’s dropped 24.3 percent to $1.3 million.

The pay package for Michael Koppel, executive vice president and chief financial officer, increased 13.8 percent to $1.5 million.

All four executives received stock and option awards, but only Koppel got a bonus, a $108,000 payment listed as nonequity incentive plan compensation.

Nordstrom’s profits fell 43.9 percent last year to $401 million on a 6.3 percent decline in sales to $8.27 billion.

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