Terry J. Lundgren exited the corner office at Macy’s Inc. in style.
The former chief executive officer, who handed over the reins to Jeff Gennette on March 23, pulled in total compensation of $13.5 million last year, a gain of 15.3 percent from 2015, according to a filing with the Securities and Exchange Commission.
The vast majority of his pay — more than $10 million — came in the form of stock and option grants, the full value of which may never be realized. Lundgren’s salary totaled $1.6 million and he also received $370,700 in incentive pay, a $1.4 million bump in the value of his pension and $116,360 in other compensation.
Gennette, in his final year as president, saw total compensation of $4.2 million.
Lundgren will still be on hand at Macy’s as executive chairman, but Gennette has his work cut out for him as the department store is closing stores and struggling through a tough retail climate, with younger consumers shopping in new ways and demanding more from merchants.
Last year, Macy’s net profits fell 43 percent to $611 million as sales slipped 4.8 percent to $25.8 billion.
Lundgren brought in big bucks as ceo at Macy’s, but he wasn’t alone. Retail ceo’s were generally well paid.
Kohl’s Corp. also detailed its executive pay for 2016, when ceo Kevin Mansell pulled in total compensation of $8.4 million, an increase of 2.5 percent.
Kohl’s net profits fell 14 percent to $673 million last year as sales slipped 2.7 percent to $18.7 billion.
But both Lundgren and Mansell qualify as jet-setting ceo’s.
Lundgren’s perks last year included $34,995 worth of aircraft usage, while Mansell flew right by that, with $335,959 in personal air travel.
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