financial
financial

Nordstrom Execs See Lower Pay

Smaller performance-based bonuses contributed to lower pay in the Nordstrom Inc. executive suites last year.

financial/news
Blake Pete and Erik Nordstrom

Blake, Pete and Erik Nordstrom.

Photo By Meghan Jones

Smaller performance-based bonuses contributed to lower pay in the Nordstrom Inc. executive suites last year.

President Blake Nordstrom's total compensation fell 59.3 percent to $2 million last year, which included a salary of $698,000. The largest change came in his performance bonus payout, which fell to $378,000 from $1.6 million in 2006.

The company's management gets a 33 percent discount on merchandise and the money saved is recorded as part of each executive's compensation. Blake Nordstrom's 2007 take included a total of $36,000 saved on his purchases thanks to the discount.

His brother Peter, however, outspent him, saving $47,000 on his store purchases last year.

Peter Nordstrom, who is executive vice president and president of merchandising, saw his total compensation drop 55 percent to $1.7 million.

Compensation for another brother, Erik Nordstrom, executive vice president and president of stores, fell 55.8 percent to $1.7 million last year. He received discounts valued at $33,000.

Among the retailer's other top executives receiving pay cuts were Michael Koppel, executive vice president and chief financial officer, down 42.5 percent to $1.3 million, and Daniel Little, executive vice president and chief administrative officer, off 45.4 percent to $1 million.
load comments

ADD A COMMENT

Sign in using your Facebook or Twitter account, or simply type your comment below as a guest by entering your email and name. Your email address will not be shared. Please note that WWD reserves the right to remove profane, distasteful or otherwise inappropriate language.
News from WWD
Newsletters

Sign upSign up for WWD and FN newsletters to receive daily headlines, breaking news alerts and weekly industry wrap-ups.

LatestPublications
getIsArchiveOnly= hasAccess=false hasArchiveAccess=false