Lampert to Stay as Sears CEO

Edward S. Lampert

Edward S. Lampert

HOFFMAN ESTATES, Ill.-Edward S. Lampert, chairman and CEO of Sears Holdings, has signed a contract to stay in the CEO spot for the next few years.

According to a filing with the U.S. Securities and Exchange Commission, Lampert’s contract calls for him to be paid an annual base salary of $1 per year, as of Feb. 1, 2013. The contract also calls for Lampert to receive holdings of common stock as additional compensation, and to participate in the company’s annual incentive plan during each of the first three years of his tenure as CEO.

Lampert, whose firm, ESL Investments, is Sears Holdings’ majority shareholder, assumed the CEO role when Lou D’Ambrosio stepped down from this post at the end of the current fiscal year, on Feb. 2.