FINANCE

Sears former CEO D’Ambrosio saw pay shrink almost 90% in 2012

BY Katherine Boccaccio

Hoffman Estates, Ill. — An SEC filing on Thursday revealed that Sears Holdings Corp. former CEO Louis D’Ambrosio, who stepped down in February citing family health issues, saw his total compensation package shrink nearly 90% from the prior year.

According to the proxy statement filed with the Securities and Exchange Commission, Sears said D’Ambrosio’s salary rose to $1 million in 2012 from $930,769 in 2011. However, the value of his perks, such as corporate housing and travel, 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. Because D’Ambrosio left earlier last month, he forfeited $2 million that would have vested in 2014.

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REAL ESTATE

Dunkin’ Donuts to open seven restaurants in northern Utah

BY Katherine Boccaccio

Canton, Mass. — Dunkin’ Donuts said Monday it has signed a multi-unit store development agreement with existing franchisee Sizzling Donuts to open seven new restaurants in northern Utah.

The first restaurant is slated to open in 2013, with the remainder by 2020.

In 2012, Sizzling Platter formed the subsidiary Sizzling Donuts and signed multi-unit franchise agreements to develop 36 new restaurants throughout Salt Lake City, Denver, and El Paso, Texas, over the next several years. Sizzling Donuts currently operates five Dunkin’ Donuts restaurants in El Paso and two more are currently under construction in the El Paso area. The group plans to open a total of eight additional units by the end of this year.

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OPERATIONS

Ace Hardware names new chief

BY Katherine Boccaccio

Oak Brook, Ill. — Ace Hardware Corp. announced that John Venhuizen has been named president and CEO of the hardware cooperative. The appointment is part of a strategic leadership transition that was announced last fall.

In September, Venhuizen was named president and COO of Ace Hardware, while Ace’s outgoing leader Ray Griffith maintained the title of CEO.

Venhuizen is a 20+-year veteran of Ace Hardware, having served in a variety of capacities.

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