Sears CEO Lou D'Ambrosio resigning; Chairman Edward Lampert to assume duties
Furniture Today Staff -- Furniture Today, January 8, 2013
HOFFMAN ESTATES, Ill. — Lou D'Ambrosio will step down as CEO of Sears Holdings at the end of the retailer's current fiscal year on Feb. 2, and Chairman Edward Lampert will take over the job, according to reports on Bloomberg and other news outlets.
Lampert, a billionaire hedge fund manager, merged Sears with Kmart in 2005 and in recent years the retailer has struggled to emerge from a sales and earnings slump. Sales have declined for five straight years, and in its last fiscal year the company posted a $3.14 billion loss.
Sears said in a statement that D'Ambrosio, 48, is departing because of family health matters.
Separately, Sears Holding said that its net loss for the current quarter ending Feb. 2 will be between $280 million and $360 million. The results will reflect a non-cash charge of $450 million for pension settlements and $42 million in pension expense. Excluding those costs, profit would be in the range of $132 million to $212 million, or $1.25 to $2 per share, the company said.
D'Ambrosio will remain on the company's board of directors until the next shareholder meeting in May, Sears said.