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Macy's CEO Takes a Pay Cut

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Macy's CEO Terry Lundgren took a $2.5 million cut in his cash payout in 2007, having collected no bonus in a year when profit and sales both declined. But he did get a bump in salary and almost $700,000 in additional stock incentives for a total payout of $14.4 million.

That compares with a pay package of $16.3 million for Lundgren in 2006, when Cincinnati-based Macy's (NYSE: M) consolidation of its May Department Stores Co. acquisition was in full swing. For 2007, Lundgren collected a higher salary of $1.5 million - reflecting a new employment agreement - plus $291,000 in other compensation, such as $96,000 for aircraft use by him and his family, $87,000 for auto use and $86,000 for company merchandise discounts and related tax gross-ups, according to the company's proxy report filed with the Securities and Exchange Commission.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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