Sears former CEO D’Ambrosio saw pay shrink almost 90% in 2012
Hoffman Estates, Ill. -- An SEC filing on Thursday revealed that Sears Holdings Corp. former CEO Louis D’Ambrosio, who stepped down in February citing family health issues, saw his total compensation package shrink nearly 90% from the prior year.
According to the proxy statement filed with the Securities and Exchange Commission, Sears said D’Ambrosio's salary rose to $1 million in 2012 from $930,769 in 2011. However, the value of his perks, such as corporate housing and travel, shrank to $278,741 from $852,037 in 2011.
Sears gave D'Ambrosio a signing bonus of $150,000 and $8 million in stock awards in 2011 after he joined the company. But he received no bonus or stock awards in 2012. Because D'Ambrosio left earlier last month, he forfeited $2 million that would have vested in 2014.