Under-performing Macy CEO's pay cut to 'just' $11.3M

Macy's gave its chief executive Terry Lundgren pay package worth $11.3 million in 2012. That's down 22 percent from 2011 as he failed to meet all of Macy's financial performance goals.

Lundgren, 61, has served as CEO of Macy's since 2003, making him one of the longest-tenured CEOs in the department store industry. He also serves as chairman and president of the Cincinnati-based company, which runs the Bloomingdale's chain as well as Macy's.

According to a filing Wednesday, Macy's gave Lundgren a $1.6 million salary, stock and options awards worth $7.7 million and cash incentive pay of $1.9 million. He also received other compensation worth about $76,000, which covered perks such as use of the company's aircraft.

The payments were largely in line with the prior year, with the exception of a 63 percent decline in his cash payment based on performance- $1.9 million versus $5.1 million in 2011.

- The Associated Press

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