Sears CEO Stepping Down; Losses Projected - Twice

Sears CEO Stepping Down; Losses Projected

Hoffman Estates, Ill. – Sears Holdings CEO Lou D’Ambrosio is leaving the company on Feb. 2 to tend to family health matters, the retail chain announced.
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Hoffman Estates, Ill. – Sears Holdings CEO Lou D’Ambrosio is leaving the company on Feb. 2 to tend to family health matters, the retail chain announced.

He will be succeeded by Sears chairman and majority shareholder Edward Lampert.

D’Ambrosio, a former Avaya chief executive and Sears consultant, joined the struggling chain almost two years ago. He will remain on Sears’ board until May.

Lampert said the board “feels it is important that there is continuity of leadership during this important period of transformation and improvement at Sears Holdings. I have agreed to assume these additional responsibilities in order to continue the company’s recovery and sustain the momentum we are experiencing.”

Separately, Sears projected a fourth-quarter net loss of between $280 million and $360 million for the fiscal fourth quarter ended Feb. 2, compared to a $2.4 billion loss during the year-ago period. Excluding a $450 million charge for pension settlements and $42 million in pension expense, net income would range between $132 million and $212 million.

For the full fiscal year, Sears anticipates a net loss of between $721 million and $801 million, compared to a year-ago net loss of $3.1 billion. Excluding charges and other adjustments, losses are expects to range between $123 million and $203 million, the company said.

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