NEW YORK (AP) - Macy's Inc. gave its CEO Terry Lundgren a pay package worth $14.5 million in 2011, a 23 percent raise from the previous year, as the department-store chain continued to deliver strong sales during the shaky economic recovery.
Compensation for Lundgren included a $1.5 million salary, stock and option awards worth $7.7 million and cash-based performance bonus of $5.1 million, according to documents filed with the Securities and Exchange Commission. Lundgren has led the department store chain since 2003.
All other compensation came to $78,925 and covered costs for use of the company's aircraft.
The department store chain, based in Cincinnati, has been a standout in the department-store sector, in part because of its efforts to carry more exclusive brands and tailor merchandise in each store to fit regional tastes.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
