Chicago - Sears, Roebuck & Co., which has been on a search to find a replacement for chairman, president & CEO Arthur C. Martinez, yesterday selected Alan J. Lacy from its own executive ranks.
Lacy, 46, will become president & CEO on October 1 and take on the title of chairman when Martinez, 60, retires in December.
Lacy joined Sears in 1994 as a senior VP and eventually became president of the retailer's credit unit. Most recently as president of services he was responsible for home services, customer responses and Internet businesses.
Sears had been looking for a replacement for Martinez since he announced his plans to retire in March. Martinez has been chairman of Sears since 1995.