Even with steep pay cut, TJX Cos. chief executive earned $11 million for 2012 fiscal year

TJX Cos. chief executive Carol Meyrowitz’s compensation dropped by more than 50 percent in fiscal year 2012, to $11 million.

The decline of nearly $12 million was due to significantly smaller stock and option awards, according to documents filed by the Framingham retail discounter with securities regulators. Meyrowitz, who runs the T.J. Maxx, Marshalls, and HomeGoods chains, earned $708,954 in stock option awards in 2012, compared with about $13.5 million in stock in 2011.

Meyrowitz’s stock awards and total compensation reported for fiscal year 2012 do not include the value of 240,000 shares of performance-based restricted stock with service and performance conditions relating to fiscal year 2012 which were granted at the end of fiscal 2011.

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Meyrowitz received more than $23 million in compensation for fiscal year 2011, a 33 percent yearly increase from the previous year. The big jump came as Meyrowitz shuttered the A.J . Wright chain and laid off more than 4,400 employees, including 1,400 in Massachusetts.