CINCINNATI - Associated Press
Terry Lundgren, the top executive of Macy's Inc., received compensation valued at $14.4 million in 2007, an 11 percent decrease from the previous year, as the retailer continues to struggle with its acquisition of May Department Stores Co.
Ok, so getting an 11% pay cut isn't fun for anybody - but when that painful slice takes you down to a mere 14.4 million? Waa-waa-waa. Have to drive the Maybach for a second year, you poor darling! Would you like to see the view from down here, buddy? Where gas is $4 a gallon?
Sales at the Cincinnati-based retailer have disappointed, especially in some markets where the Macy's name replaced local favorites when it bought May in 2005. As the economy faltered, its 2007 earnings fell 10 percent.
Could that market be... Chicago?? Yes, yes, it could!!! Guess standing on a street corner with a Keep it Fields sign works, eh, Terry? I know I haven't set foot in the State Street store since your callous disregard for a Chicago institution!!
Lundgren received more base pay in 2007, with a salary of $1.49 million, up 7 percent from $1.38 million in 2006, according to the company's proxy statement filed Tuesday with the Securities and Exchange Commission.
So let me get this straight - his performance sucks, but his base pay goes up? So that's what I'm doing wrong at work!! I knew it had to be something.
But he received nothing from the company's 2007 incentive plan, which is linked to performance.
Cry me a river. Try taking my damn coupons, Lundgren! I went to your shitty store and found nothing but exceptions!! Oh, your coupon isn't good on makeup or perfume. Sorry, that's our store brand, coupon no good on that. It's already a value. Well if you VALUED my business, you'd have been way damn nicer to me and my consumer dollars.
In 2006, Lundgren received about $2.7 million through the plan.
Lundgren had $290,945 in perks such as $95,699 for air travel, $86,956 for a car and driver, $52,019 in merchandise discounts and $15,575 for financial counseling.
His stock and option awards for the year were valued at $12.6 million on the dates they were awarded.
Sob! Having to fly commercial! Poor baby didn't get a private corporate jet. However do you expect him to get his job done if he has to sit on a plastic chair like the rest of us flying cattle class? Merchandise Discounts? For what? Like his house isn't filled with 'free samples' from manufactures begging him to carry their lines? Financial Counseling? So he can feel less guilty about making 7 million times more than the hourly cashier at his stores? Yeah, it feels good to talk that out.
His total pay fell from $16.2 million in 2006, according to a calculation by The Associated Press.
The AP's total pay calculations include executives' salary, bonus, incentives, perks and the estimated value of stock options and awards granted during the year. The calculations may vary from the totals in the summary compensation table of proxy statements filed with the SEC.
Lundgren, 55, has been chairman of the board since January 2004 and president and chief executive since February 2003.
Macy's compensation committee compares his compensation with a group of major retailers and vendors including J.C. Penney Co., Target, Wal-Mart and Nordstrom Inc. and with large national consumer products companies including Procter & Gamble Co., General Mills Inc. and Coca-Cola Co.
All noted for the CEO making over 132 times the pay per year of an hourly worker... yep, I'd say that's comparable.
Macy's shares rose $1.61, up 7 percent, to $24.67 in trading Tuesday. Shares have traded between $20.94 and $46.52 the past year.
There's a rumor afoot I really want those black pants I tried on your Woodfield store. I do, but not for $80. Try tempting me with half off, and YOU BETTER HAVE MY SIZE!! It's an Extra-Short Sarcastic.
The company operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates macys.com, bloomingdales.com and Bloomingdale's By Mail.
Hmm. But no Marshall Field's. Interesting.