Macy's gave its chief executive Terry Lundgren pay package worth $11.3 million in 2012. That's down 22 percent from 2011 as he failed to meet all of Macy's financial performance goals.
The department store operator gave Lundgren a salary of $1.6 million and stock and options awards worth $7.7 million. He also received perks worth about $76,000. The decline came from a 63 percent smaller cash payment for performance. He received $1.9 million for 2012, versus $5.1 million in 2011.
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.