THE $1 CEO: Billionaire Edward S. Lampert is getting a base salary of just $1 a year to serve as chief executive officer of Sears Holding Corp. — but that’s not his only compensation. Lampert will receive Sears stock valued at $4.5 million for each year of the first three years he occupies the corner office. He will also participate in the company’s incentive plan, through which he could make another $2 million.
Lampert’s pay was disclosed in a filing with the Securities and Exchange Commission, which also showed that he controls 58.9 million shares of the company, or 55.4 percent of those outstanding. The hedge fund operator orchestrated the 2005 combination of Sears and Kmart and also serves as the company’s chairman.
This story first appeared in the March 21, 2013 issue of WWD. Subscribe Today.