Macy's CEO Takes Pay Cut

Apr 5, 2013

An Associated Press analysis shows Cincinnati-based Macy's gave chief executive Terry Lundgren a pay package worth 11.3 million dollars last year, down 22 percent from 2011 as he failed to meet all of its financial performance goals.

Lundgren got a salary of 1.6 million and stock and options awards worth 7.7 million dollars. He also received perks worth 76 thousand dollars. Macy's says Lundgren beat profit expectations but fell short on cash flow.