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In and out…

For anyone who hasn’t seen this story yet about Kmart’s (KMRT) outgoing chief, it’s worth a read: a $90 million payday for 10 months on the job. To be fair, the stock has risen sharply, so it’s not like some of the other CEOs who have walked away with big parachutes despite leaving the company in tatters. But it’s also fair to say that Kmart, which continues to struggle, could probably put the money to better uses, like, say, hiring a better merchandiser or making their stores more appealing to shoppers. In addition to the options, Julian Day will receive an additional $3.5 million in cash plus a pro-rated portion of his 2004 bonus. Meanwhile, incoming CEO Aylwin Lewis will receive a salary “not less than $1 million” (whatever that means) and an annual bonus equal to his annual salary. He was also given 150,000 stock options and restricted stock worth $4.5 million.