Macy's Inc. (M) top bosses took pay cuts in 2013, but options eased the pain

CEO Terry Lundgren paid $11.4 million

The top managers at Macy’s Inc. took home smaller bonuses and restricted-stock awards this year, but the stock market made sure no one got their feelings hurt.

CEO Terry Lundgren received $11.4 million in total compensation for his performance in the 2013 fiscal year, up 0.9 percent from 2012. Four other members of his management team took pay cuts for the year. Macy’s posted a $1.5 billion profit in the fiscal year ended Feb. 1, outperforming other department stores and driving its stock price from $42.18 last fall to $60.88 April 2.

That allowed all five of Macy’s highest paid executives to cash in stock option grants from prior years. More than 1.2 million shares were unloaded by Macy’s top managers since November, generating total proceeds of $58.8 million.

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