http://cbs.marketwatch.com/news/story.asp?guid=%7B6B7BEA3A%2D15F5%2D4468%2D84ED%2D20EF870DD59D%7DCINCINNATI (AP) -- Federated Department Stores Inc. (FD) has given Chief Executive Terry J. Lundgren a $3.3 million bonus for his 2004 performance as head of the retailer which operates Macy's and Bloomingdale's stores.
Federated's board approved the bonus on Friday and it was reported in the company's filing Tuesday with the Securities and Exchange Commission. The board also approved bonuses for 2004 ranging between $1 million and $1.3 million for five other Federated executives.
Last month, Lundgren directed Federated's $11 billion purchase of St. Louis-based rival May Department Stores Co. (MAY).
The deal would bring together the operator of Macy's and Bloomingdale's with May, known for its Marshall Field's and Lord & Taylor chains, creating a company with nearly 1,000 department stores, $30 billion in annual sales and operations in every state except Alaska. The merger is subject to approval by regulators and shareholders.
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Federated has declined to say how many jobs will be cut because of the merger or what the company would do in cases where it and May have stores in the same mall. Lundgren has said the company wants to hear what government regulators will have to say about whether, and how many, overlapping stores will have to be closed.
...more...guess those exec bonuses and perks are better than having employees :eyes:
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