Seattle Nordstrom president Blake Nordstrom received a 50% pay hike last year as the department store operator worked its way out of a recessionary slump to keep up with shoppers' new frugal habits.
Nordstrom's total compensation was valued at $3 million in 2009 and most of the increase was tied to a bonus related to the company's performance last year.
His base salary totaled $700,000 in 2009, about the same as 2008. He received a performance-related bonus of $1.2 million. In the prior year, he did not receive the bonus.
Nordstrom’s 2009 compensation also included stock options and restricted stock valued at $1 million on the day they were granted, according to a filing Friday with the Securities and Exchange Commission. In 2008, he received similar awards valued at $1.1 million.