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Nordstrom Brothers’ Pay Falls

Incentive bonuses failed to match 2011 levels

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Blake Nordstrom, president of Nordstrom Inc. (Seattle), suffered a 35 percent drop in compensation in 2012, the result of the retailer’s failure to hit certain target levels established by the board of directors.

While Nordstrom’s base salary was increased by about 16 percent, to $709,000, the incentive bonus portion of his compensation was reduced to $892,000. Last year, he received $1.6 million in incentives.

Overall, the executive of his family’s company received $3.9 million in 2012 versus $6 million in 2011.

Brothers Peter and Erik Nordstrom suffered similar reductions. Peter, evp and president of merchandising, saw his total compensation fall 35.8 percent to $3.75 million; and Erik, evp and president of stores, was paid $3.7 million, a 35.2 percent reduction. Each received 85 percent of his target bonus amounts, which equal 150 percent of all three brothers’ base salaries.

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