Edward Lampert has told the United States Securities and Exchange Commission that he intends to remain Sears Holdings, Inc. CEO for at least another year. An SEC filing from the company stated that Lampert will continue to serve as chief executive officer at an annual base salary of $1, with his start time begun on February 1.
According to the SEC filing, each of the first three years of Lampert’s CEO service entitle him to participate in the company’s Annual Incentive Plan. The target incentive opportunity is $2 million, payouts under which can come in cash or in Holdings Common Stock, and Holdings Common Stock with value of $4.5 million per year is payable to Lampert in equal monthly installments subject to his continued service as CEO.
At the beginning of this year, Sears announced that Louis D’Ambrosio would step down as CEO. Lampert assumed the role of CEO of Sears Holdings in addition to his role as chairman of the board of directors.