Dive Summary:
- Edward Lampert, with add CEO duties to his role as chairman at Sears when CEO Louis D'Ambrosio steps down in February, the company announced.
- While gaining some momentum recently with sales, the Sears Holding Group stated that it was important that to maintain a continuance of leadership,
- During D'Ambrosio's short tenure as CEO, board members note there was growth in "financial health, apparel business, online segment and customer loyalty program," though Sears reported a 1.8% decline in quarter-to-date sales at stores that were open at least a year.
From the article:
"...Edward Lampert will assume the role of Sears CEO in addition to his current role as chairman, Sears said in a statement late on Monday. Lampert's hedge fund, ESL Investments, had a 34.14 percent stake in Sears Holdings as of November 30, according to Thomson Reuters data.
A person close to the situation told Reuters that D'Ambrosio's decision was influenced by a close family member's medical situation..."
