Sears Chief D’Ambrosio Stepping Down

Sears
Sears

Chief Executive Louis D’Ambrosio of Sears Holdings Corporation will be leaving his position for family health reasons, according to an announcement made by the company.

Edward Lampert, the current chairman of Sears, will take over the vacated position as well. ESL, Lampert’s hedge fund had a 34.14 percent share in Sears Holdings as late as November last year. The giant US chain department store reported a 1.8 percent fall in sales last quarter in stores which have been open for one year or longer.

“In light of Lou’s decision to step down, the board feels it is important that there is continuity of leadership during this important period of transformation and improvement at Sears Holdings,” Lampert said.

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