New Sears Canada president named
By Michael J. Knell -- Furniture Today, April 16, 2006
Toronto — Restructuring expert Dene Rogers will become acting president of Sears Canada once Brent Hollister, the current president and CEO, leaves the post May 9.
Financial industry and media observers across Canada believe the move comes as U.S. hedge-fund magnate and Sears Holding Chairman Edward Lampert tightens his grip on the multi-channel retailer before taking it private later this year.
Last week, Lampert was all but assured that he would be able to do so. Before launching its bid for Sears Canada in February, Sears Holding already was its majority shareholder, and subsequently acquired many of the remaining shares outstanding.
Hollister also will step down as a member of Sears Canada's board.
A Canadian and a career executive at Sears, Hollister has worked in sales, merchandising and operations at the retailer for 37 years. He has been president since 2002, and added the CEO title in 2004.
Under Hollister, Sears Canada focused increasingly on big-ticket sales, particularly on major appliances, mattresses, home décor, apparel and cosmetics.
However, Sears Holding has been increasingly critical of its Canadian subsidiary and taken greater control in an effort to achieve better results. Last fall, at the parent's behest, Sears Canada chopped 1,200 jobs, or about 3% of its workforce. Last month, it said it would cut 230 more jobs and didn't rule out more to come.
Sears Holding, which owns Sears, Roebuck & Co. and Kmart, has insisted that taking Sears Canada private would trim expenses and allow it to run the operation more efficiently.
It also would need fewer senior executives, so most observers are predicting Rogers' tenure will end with privatization.
Rogers has been executive vice president for restructuring and business improvement at Sears Holdings since October. Previously, he was executive vice president and general manager of Kmart stores, which he joined in 2003.
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Sears Canada to get new president
Apr 12, 2006
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