Sears shrinks former CEO's compensation

Former Sears CEO D'Ambrosio gets a nearly 90 percent pay cut for 2012

Associated Press

A regulatory filing from Sears Holding Corp. shows its chief executive took a pay cut of nearly 90 percent in 2012.

Louis D'Ambrosio's became CEO of Sears in February 2011 and stepped down last month due to heath issues involving his family.

The retailer increased his salary to $1 million last year from $930,769 in 2011. The value of his perks, like corporate housing and travel from his primary residence in Philadelphia to Chicago, shrank to $278,741 from $852,037 in 2011.

Sears gave D'Ambrosio a signing bonus of $150,000 and $8 million in stock awards in 2011 after he joined the company. But he received no bonus or stock awards in 2012.

The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.

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