May Department Stores named John Dunham chairman and CEO, after the executive served in the posts on an interim basis for three months, MarketWatch reports.
The move, outlined in a Friday filing with the Securities and Exchange Commission, comes ahead of May’s $11 billion acquisition by Federated Department Stores.
Dunham was named acting chairman and CEO after Gene Kahn resigned in January. He was serving as chief financial officer when he was named acting CEO.
May said its executive compensation and development committee set Dunham’s annual salary at $1.15 million, an increase of $100,000, which is retroactive to his Jan. 14 assignment to his positions as interim chairman and CEO.
The committee also granted Dunham options to purchase 75,000 shares of May and a 2004 bonus award of $578,841.