How can you blame Jason Hollar for hauling tail from the dying retailer known as Sears Holdings Corp. (SHLD) .
The company said Friday that Hollar would depart as CFO to pursue another opportunity a mere six months into being promoted to the gig. Taking his place will be Rob Riecker, currently Controller and Head of Capital Market Activities for Sears.
As TheStreet previously reported, for landing what is perhaps one of the worst jobs in Corporate America Hollar wasn't exactly lavishly compensated last year.
He received a base salary of $624,306 last year and a staying bonus of $633,333, for a grand total of $1.26 million in compensation, according to a proxy filing. Hollar was badly underpaid relative to two of his industry peers. Macy's (M) - Get Report CFO Karen Hoguet hauled in $2.7 million in total compensation last year, while J.C. Penney (JCP) - Get Report CFO Ed Record netted $2.6 million.
Hollar was promoted to chief financial officer of Sears in October 2016. Hollar, 43, arrived at Sears in October 2014 as senior vice president of finance, overseeing the financial planning and analysis department. Prior to joining Sears, Hollar spent time at Delphi Automotive as vice president and corporate controller. In total, Hollar has more than 20 years of finance experience, certainly making his appointment logical for the dying Sears.
But calling it a promotion for Hollar was a stretch. Try more like a death sentence and potential blemish on the resume given the unique challenges he endured from day one as Sears' top numbers cruncher. Hollar was tasked with shuttering at least 150 Sears and Kmart stores this year, unearthing $1 billion in cost cuts and trying to secure deals for brands such as Kenmore and real estate.
Editors' pick: Originally published April 21.