$3.3 Million Bonus for Lundgren
Cincinnati, Federated Department Stores has given chief executive Terry J. Lundgren a $3.3 million bonus for his 2004 performance. His annual base compensation, not including stock options, is $1.3 million.
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.
Lundgren, 52, became president of Federated in 1997, added the title of COO in 2002 and was appointed CEO in 2003.