New York -- Macy's CEO Terry Lundgren had a pay package worth $11.3 million in 2012, down 22% from 2011, the Associated Press reported.
Lundgren had a salary of $1.6 million stock and options awards worth $7.7 million, and perks worth about $76,000. The decline came from a 63% smaller cash payment for performance, the report said.
Macy's said the CEO beat the profit expectations for the year but fell short on cash flow, due to a big merchandise purchase at the end of the fiscal year.
The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.