Departing Sears Holdings CEO to receive $1M salary until 2010

The ousted president and chief executive of Sears Holdings Corp. will continue to receive his $1 million annual salary until March 2010.

According to a regulatory filing this week, the ailing retailer also will give Aylwin B. Lewis accelerated vesting of restricted shares and stock options.

The 52-year-old is stepping down from the helm of the suburban Chicago company as well as its board of directors on Saturday. He'll continue to receive health benefits.

Earlier this week, Sears announced that Lewis would leave at the end of the company's fiscal year, amid continued sales and profit slumps.

He'll be replaced by W. Bruce Johnson, an executive vice president of supply chain and operations, until a permanent replacement can be found.

As interim CEO, the 56-year-old Johnson will receive a base salary of $900,000 a year and has the chance to double that through the company's incentive plan.

Hoffman Estates-based Sears Holdings operates about 3,800 Sears and Kmart stores in the U.S. and Canada.