Lampert to Stay as Sears CEO
March 22, 2013,
Edward S. Lampert
HOFFMAN ESTATES, Ill.-Edward S. Lampert, chairman and CEO of Sears Holdings, has signed a contract to stay in the CEO spot for the next few years.
According to a filing with the U.S. Securities and Exchange Commission, Lampert's contract calls for him to be paid an annual base salary of $1 per year, as of Feb. 1, 2013. The contract also calls for Lampert to receive holdings of common stock as additional compensation, and to participate in the company's annual incentive plan during each of the first three years of his tenure as CEO.