Economy Briefs: UPS to buy Europe’s No. 2 package delivery outfit
Sears CEO: $9.9 million in 2011 compensation
NEW YORK — An Associated Press analysis shows that Sears Holdings Corp. paid its CEO, Lou D'Ambrosio, $9.9 million last year including incentives the ailing department store chain offered the former technology executive.
The company said in a filing Friday with the Securities and Exchange Commission that Mr. D'Ambrosio, who became CEO in 2011, received a salary of $930,769 plus a $150,000 signing bonus and $8 million worth of stock.
His compensation also included $803,856 to cover his commute by air and ground from the Philadelphia area, where he lives, to Hoffman Estates, Ill., where the company is based.
Sears, whose brands include Lands’ End and Kmart, as well as Sears, Roebuck and Co., has struggled for years with stiffening competition from retailers of all stripes, from Wal-Mart Stores Inc. to Home Depot Inc.
Judge dismisses lawsuit by Berkshire shareholders
WILMINGTON — A Delaware judge has dismissed a shareholder lawsuit alleging that billionaire Warren Buffett and directors of Berkshire Hathaway Inc. failed to take proper action in response to stock trades by former Berkshire executive David Sokol before the company’s $9 billion acquisition of chemical manufacturer Lubrizol.
The judge ruled Monday that the shareholders failed to demonstrate before filing their lawsuit, as required by Delaware law, that the Berkshire board was not capable or willing to take legal action itself.
But the judge dismissed the case without prejudice, meaning the plaintiffs might be able file a complaint later if circumstances warrant.
The derivative lawsuit sought damages on behalf of Berkshire from Mr. Sokol and the company’s directors, and surrender by Mr. Sokol of some $3 million in profit he realized in the Lubrizol takeover.
• From wire dispatches and staff reports