New Sears CEO compensation put at $7.2 million -- plus commuting costs
Hoffman Estates, Ill. -- Sears Holdings Corp. in a regulatory filing on Friday reported that its newly named CEO Louis J. D'Ambrosio will be compensated $7.2 million and a charter airplane for his commute from Pennsylvania to Illinois, as calculated and reported by the Associated Press.
D’Ambrosio will also be eligible for a bonus of up to $2 million, according to the report.
Sears announced Wednesday that it had named technology industry executive Louis J. D'Ambrosio CEO after a three-year search, effective the following day. He had served for six months as a consultant to the retailer's board. D'Ambrosio succeeds interim CEO W. Bruce Johnson, who will remain as executive VP and president of off-mall businesses and supply chain.
D'Ambrosio will receive a base salary of $1 million and a signing bonus of $150,000. He stands to receive a performance-based bonus worth up to $2 million. He also received $6 million in restricted stock under the company's 2006 stock plan, which will be paid in installments of $2 million over three years. He could receive more unrestricted stock.
The company will cover the costs of D'Ambrosio's commute by air between Philadelphia and the Chicago area, where Sears is based. He will also receive ground transportation and corporate housing in and around Hoffman Estates, Ill.