Monday, 27 March 2017
Last updated 5 min ago
Mar 22 2013 | 10:57am ET
Hedge fund manager Edward Lampert will remain Sears Holding Corp.'s CEO.
The ESL Investments founder signed a three-year contract with the retailer, effective the beginning of last month. He'll earn only $1 a year in salary, but will get $4.5 million annually in Sears stock and will participate in an incentive program that could get him $2 million per year.
Lampert became CEO in January on the departure of Lou D'Ambrosio. His hedge fund has controlled the company since 2005.
Sears has been struggling with weak sales for almost six years and last month reported a larger-than-expected fourth-quarter loss.