Business | Retail

Sears Holdings announces CEO is stepping down

D’Ambrosio will be replaced by company chairman and its largest shareholder Edward Lampert

  • AP
  • Published: 17:12 January 8, 2013
  • Gulf News

Hoffman Estates, Illinois: Sears Holdings Corp. announced late on Monday that CEO Louis J. D’Ambrosio is stepping next month due to health issues involving his family.

The company, which operates Sears and Kmart stores, said D’Ambrosio will be replaced by company chairman and its largest shareholder, Edward Lampert. D’Ambrosio will remain on the board until the company’s annual meeting in May.

The nature of the health issues affecting D’Ambrosio’s family was not disclosed.

In a statement, Lampert said D’Ambrosio led Sears Holdings during a time of rapid industry change to become a more customer-focused company. Changes implemented under D’Ambrosio include giving sales staff almost 15,000 iPads and iPod Touch devices so they can research products and help customers check out wherever they are in a store. It’s also improving displays and adding more high-tech washing machines and other appliances.

“The board greatly appreciates Lou’s strong leadership in accelerating the transformation of Sears Holdings, and we understand and respect his personal decision to step down,” Lampert said.

D’Ambrosio became Sears Holdings CEO in February 2011. He was previously president and chief executive officer of Avaya Inc., a communications company. Before joining Avaya, D’Ambrosio spent 16 years at IBM Corp.

Sears Holdings has been plagued by a yearslong decline in sales at its Sears and Kmart stores.

Last year it announced it is moving forward with plans to spin off its Hometown and Outlet stores as well as some hardware stores into a separate publicly traded company. The move is part of its effort to restore profitability by aggressively cutting costs, reducing inventory, selling off some assets and spinning off others.

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