Once a financial genius… Sears CEO Eddie Lampert purchased Sears back in 2005 through a merger with Kmart. However, not many people would use the term ‘financial genius’ for Lampert anymore – except maybe Lampert himself. The man once hailed as the “next Warren Buffett” has run Sears straight into the poor house.
Lampert made basically nothing… for being the CEO of Sears. The Sears CEO took a salary of $1 per year and received the rest of his compensation in entirely worthless company stock. Lampert’s hedge fund also made huge loans to the company, and believe it or not, Sears owes Lampert at least $1.3 billion.
And he didn’t make friends… because Lampert played the ‘absentee CEO’ roll to a T by running the company from South Florida. However, now, Lampert may be able to purchase the Kenmore brand through Sears bankruptcy auction (something he has always wanted). And he’s not done yet – Lampert could still sell Kenmore appliances, rent stores to other retailers (that are still in business) or develop the company’s real estate for alternative use.