Sears seeks refund from short-term home exec Capuano
Casual Living Staff -- Casual Living, October 23, 2012
Chicago - It was big news in January 2011 when Sears Holding hired Chris Capuano as senior vp for home fashions/household goods and even bigger news when she walked out the door six months later. Last week, the company filed suit, asking the court to force Capuano to return more than $750,000 Sears paid for her signing bonus and relocation expenses.
According to the petition filed in the U.S. District Court for the Northern District of Illinois Eastern Division, Capuano's agreement with Sears stipulated she would reimburse those payments if she left the company within 24 months of her hire date. The retailer is seeking approximately $753,355.
Capuano has not been the only executive to pass through the revolving door at Sears Holdings. As Crain's Chicago Business noted, in the past 20 months that parade has included two marketing chiefs; a cfo; the president of the home appliance business; the executive in charge of the the Craftsman, Kenmore and DieHard brands; and the exec running the shopper rewards program, among others.
Crain's also pointed to the contract offered to current chief merchandising offer Ron Boire, who joined the company this past January: a retention bonus totaling $600,000 if he stays on the job for three years and a $1 million, restricted-stock grant if he and his wife move to Chicago.