Lampert Will Stay On As Sears CEO

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.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of