Sears Hometown and Outlet Stores, Inc. said Tuesday that president and CEO W. Bruce Johnson would be stepping down Aug. 1.
The hardware and appliance retail company, whose stores are run by independent dealers and franchisees, was spun off from struggling Sears Holding Corp. three years ago.
Johnson will remain on the board for the remainder of his term, but will not stand for re-election in May. Executive search firm Heidrick & Struggles is looking for his replacement.
Sears Hometown and Outlet Stores may be suffering from its name recognition — receiving all of the downside but none of the benefits (like Sears’ laudable Shop Your Way program) of its association with parent company Sears Holding Corp. It will be interesting to see who might take up the challenge of righting the ship of a company that is dealing with that while also attempting to compete with the likes of Lowe’s, Home Depot, and others.