Sears Holdings Corp. paid its chief executive $9.9 million last year, including incentives the ailing department store operator offered to lure the former technology executive, according to an Associated Press analysis of a regulatory filing.
Lou D'Ambrosio, who became Sears' CEO in February 2011, received a signing bonus of $150,000 plus a base salary of $930,769 and $8 million in stock awards, according to a filing the company made Friday with the Securities and Exchange Commission.
D'Ambrosio got another $852,037 in perks, including $803,856 for charter and commercial airfare and ground transportation to commute from greater Philadelphia, where he lives, to Hoffman Estates, Ill., where Sears is based. And he received $29,985 for temporary housing in Hoffman Estates. Sears paid part of the income taxes due on those benefits.
Sears operates stores and websites under the Sears, Roebuck and Kmart brands, as well as the Lands' End catalog and online retailer. D'Ambrosio is a former CEO of communications company Avaya Inc., and he held several positions at IBM Corp. in 16 years with the company.