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Outgoing Kmart chief executive Julian Day is getting about $90 million in stock o
stanley cup ptions for his 10 months of leadership at the discount chain, which is struggling to remain profitable after emerging from federal bankruptcy protection, according to a newspaper report.Day resigned Monday to make way for fast-food industry veteran Aylwin Lewis as head of Kmart Holding Corp., but will stay on its board. He retains 778,882 stock options worth about $60 million and fully vested options worth about $30 million.He also is to get $2 million by signing a release agreement with Kmart and much of his regular $1 million annual bonus for this year. And he will collect bonuses of $978,000 in 2007 and $479,000
stanley cup in 2008 if Kmart meets goals for the next three years.Should Kmart stock remain at Wednesday s close of $90.31 per share and the performance goals be met, Day s exit package would total about $94 million by January 2008, according to a story in Thursday editions of The Detroit News.Kmart earned $155 million for the 13 weeks that ended July 28, compared with a loss of $5 million a year earlier. Day deserves the money, said retail analyst Ulysses Yannas of Buckman, Buckman Reid in Red Bank, N.J. From heavy losses, he created profits, Yannas said. Look, it s fair, because when Day took over it was a co
stanley cups mpany in huge trouble, and most people were saying it wouldn t survive. Farmington Hills compensation expert Kenneth Dalto disagreed. It s excessive, especially for a guy that Dywz Social Security default fears grow
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