Sears, Sears Ceo | featured news

Sears continues to struggle to get a "decent" return on its assets and the retailer didn't move fast enough to cut expenses after the financial crisis, the CEO said at the annual meeting.

Former Sears chief Louis D'Ambrosio received no bonus or stock awards last year, cutting his compensation by nearly 90% to $1.3 million.

Sears Holding Corp. has signed a contract with Edward Lampert to keep him on as CEO of the company at a salary of $1 per year. A regulatory document filed Wednesday shows that the billionaire hedge fund manager will be paid an annual base salary of $1, but with the opportunity for a bonus of up to $2 million in cash or stock and up to $4.5 million in stock per year.

As Eddie Lampert takes over as Sears Holdings CEO, he again faces the task of fixing Kmart.

Sears CEO Louis D'Ambrosio received a compensation package valued at $9.9 million last year, most of it in stock awards.