New York City The president of Nordstrom received compensation valued at about $1.9 million in 2008, according to an Associated Press calculation of data in a regulatory filing.
The pay package awarded to Blake Nordstrom was a 19% decrease from his 2007 compensation, mostly because he was not granted a performance-based cash bonus this year.
In a Securities and Exchange Commission filing, Nordstrom said its weak financial performance last year resulted in "limited or nonexistent" performance-based bonuses for its top executives. In addition, performance-based equity did not vest.
The company's profit last year tumbled 44% to $401 million, while total sales fell 6.3% to $8.3 billion.
The president received a salary of $696,111 for 2008, slightly less than his base pay of $698,056 in 2007.