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Lacy Leaving Sears

7/12/2006 12:36:00 PM Eastern

Hoffman Estates, Ill. — Alan Lacy, vice chairman of Sears Holdings, is leaving the company on July 29.

He will also relinquish his role as chairman of Sears Canada.

Lacy was chairman and CEO of Sears from 2000 until its acquisition by Kmart last year. He was named vice chairman and CEO of the combined entity, Sears Holdings, but later surrendered his CEO title to president Aylwin Lewis.

“I want to thank Alan for his many contributions to the company,” said Sears Holdings chairman Edward Lampert. “He took on the important role of vice chairman last September, when we both recognized the need for a more efficient organization structure, yet wanted the recently merged companies to continue to benefit from Alan’s knowledge and judgment.”

Lacy joined Sears as finance senior VP in 1994, became executive VP/chief financial officer in 1995, and was appointed president of Sears Credit in 1997. During his tenure as chief executive, he initiated a series of initiatives to reinvigorate the company, including the controversial acquisition of apparel maker Lands’ End and the creation of Sears Grand, the chain’s expanded, off-mall format.

Lacy will leave with nearly $44 million in cash and stock options accumulated since Kmart’s takeover.

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