New Sears CEO compensation put at $7.2 million — plus commuting costs
Hoffman Estates, Ill. — Sears Holdings Corp. in a regulatory filing on Friday reported that its newly named CEO Louis J. D’Ambrosio will be compensated $7.2 million and a charter airplane for his commute from Pennsylvania to Illinois, as calculated and reported by the Associated Press.
D’Ambrosio will also be eligible for a bonus of up to $2 million, according to the report.
Sears announced Wednesday that it had named technology industry executive Louis J. D’Ambrosio CEO after a three-year search, effective the following day. He had served for six months as a consultant to the retailer’s board. D’Ambrosio succeeds interim CEO W. Bruce Johnson, who will remain as executive VP and president of off-mall businesses and supply chain.
D’Ambrosio will receive a base salary of $1 million and a signing bonus of $150,000. He stands to receive a performance-based bonus worth up to $2 million. He also received $6 million in restricted stock under the company’s 2006 stock plan, which will be paid in installments of $2 million over three years. He could receive more unrestricted stock.
The company will cover the costs of D’Ambrosio’s commute by air between Philadelphia and the Chicago area, where Sears is based. He will also receive ground transportation and corporate housing in and around Hoffman Estates, Ill.
New CEO named at Timex
MIDDLEBURY, Conn. — Timex Group announced that it has named Gary Cohen president and CEO of the company. Cohen will also join the company’s board of directors.
“I feel honored to lead one of the world’s largest and most iconic watch companies,” Cohen said. “I look forward to developing new business opportunities across our extensive portfolio of brands in both developed and emerging markets worldwide.”
Prior to joining Timex Group, Cohen was global general manager/VP Playtex Products Inc., a business unit of Energizer Holdings Inc., where he played an instrumental role in the integration of Playtex into Energizer’s personal care division.
Report: Toys ‘R’ Us considers $800 million IPO for April
Wayne, N.J. — A New York Post report on Saturday said that Toys “R” Us is considering an initial public offering in April to raise around $800 million, although a final decision has not been reached.
The retailer shelved IPO plans in 2010; it has not commented on the latest report that IPO talks have resurfaced.
"Toys ‘R’ Us took more market share from competitors last year than they have in the past 20 years," said a Post source. "But I don’t think they were satisfied with how they did on the profit level."
Toys “R” Us was taken private in 2005 by an equity group comprised of Kohlberg Kravis Roberts, Bain Capital and Vornado Realty Trust in a deal worth $6.6 billion.
The retailer reported a loss of $93 million in its fiscal quarter ended Oct. 30, 2010, widened from a year-earlier loss of $67 million.