Sears' interim CEO compensation drops 20%

Hoffman Estates, Ill. A regulatory filing submitted Tuesday reported that Sears Holdings’ interim CEO W. Bruce Johnson earned $1.5 million in the last fiscal year, a decrease of more than 20%.

The cuts occurred even as the company’s profit improved, although on falling sales, according to the filing.

Johnson's base salary at the owner of the Sears and Kmart stores fell 5% to $850,000, and like the previous year, he received no bonus or performance-based rewards.

The rest of the compensation for Johnson, who is also the company's interim president, came from restricted stock and options valued at $663,400 -- about a third less than the $999,900 he received in the 2009 fiscal year.

During the most recent year, Johnson, who took the interim post in February 2008, received no extra perks. Last year, his perks were valued a just under $9,500. His total compensation in the 2009 fiscal year was $1.9 million.