Macy’s Inc., the largest U.S. department-store company, cut its executives’ incentive bonuses to zero after missing revenue and expense targets in 2015. 

The board decided to award no bonuses after falling short of its sales, cash flow and earnings goals, Macy’s said Wednesday in a regulatory filing. Excluding changes in the value of his pension, Chief Executive Officer Terry Lundgren was paid $11.6 million in 2015, an 8.6 percent decrease from the $12.7 million he received in 2014.

Lundgren is trying to turn Macy’s around after slow store traffic and excess inventory hurt results. The chain has closed underperforming locations and boosted discounts to clear out seasonal items. Still, a strong U.S. dollar is taking an additional toll on spending by foreign tourists. And Lundgren is under pressure to better capitalize on the retailer’s real estate portfolio at the urging of activist investors Starboard Value and Greenlight Capital.

The target bonus accounted for about a fifth of Lundgren’s compensation, which consisted mostly of stock options and restricted stock units. It had been 23 percent of the other executives’ compensation packages, half of which were paid in equity.

Macy’s shares fell 47 percent in 2015, following six straight years of gains.

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