Macy's Lundgren pay package down 8%

New York City -- Macy's CEO Terry Lundgren’s compensation package dipped 8% in 2010 to nearly $11.8 million, according to an analysis by The Associated Press.

Lundgren received a salary of $1.5 million in 2010, the same as the year before. The stock awards he received were valued at $3.6 million when they were granted, about a 50% rise over what he received the year before, according to a Securities and Exchange Commission filing.

Pulling down his 2010 compensation was a 15% decline in the value of the stock options he was granted. For last year, the options were worth $1.24 million when they were granted, compared with $1.45 million for the stock-option grant made in March 2009. His performance-based cash bonus also was lower, at $5.25 million in 2010, compared with $7 million the year before.

The retailer also cut the compensation it paid to Lundgren for perks, which fell almost 70% from 2009 to $171,840 last year. The costs for Lundgren to have a company car and driver dropped from about $261,000 in 2009 to $42,237 last year. Starting in 2011, Macy's said it also will limit Lundgren's personal use of company-owned aircraft to $75,000 worth per year. His aircraft use totaled $94,881 in 2010.

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