The Nordstrom family are taking paycuts because of the recession.
Blake Nordstrom, president of Nordstrom Inc., received a $1.6 million pay package last year, a 20.3 percent decline as the recession sapped strength from the high-end market.
Nordstrom took home a salary of $696,111 and other compensation of $65,676, including merchandise discounts of $46,374 and personal use of company aircraft valued at $4,816, according to a filing Thursday with the Securities and Exchange Commission.
He also received stock and option awards valued at $796,983. Stock and option awards are reported based on SEC accounting guidelines. The compensation recorded in these categories was not necessarily realized because of vesting schedules and falling share prices.
The other two Nordstrom brothers, Peter, who is executive vice president and president of merchandising, and Erik, executive vice president and president of stores, also saw their pay decrease. Peter's total compensation fell 28.3 percent to $1.2 million as Erik’s dropped 24.3 percent to $1.3 million.
Profits at Nordstrom's profits fell a whopping 43.9% in 2008, with a 6.3% decline in sales.
