May adds chairman and CEO to Dunham’s titles
March 25, 2005-- Home Textiles Today,
ST. LOUIS — Without fanfare, May Department Stores Co. recently designated President John Dunham as chairman and CEO, according to a filing the company made earlier today with the Securities and Exchange Commission.
As May Co. heads toward its $11 billion acquisition by rival Federated Department Stores, May’s executive compensation and development committee has increased Dunham's annual base salary by $100,000 to $1.15 million. That increase was made retroactive to when he assumed the duties of acting chairman and CEO after the Jan. 14 resignation of Gene Kahn.
Dunham also receives a $578,841 bonus and the option to buy 75,000 shares of May stock, according to the filing. Dunham was named May's president in 2001 after Kahn gave up that title to become chairman.