“Sears Holdings Corp. (SHLD) said Lou D’Ambrosio is stepping down as chief executive officer and Chairman Edward Lampert will take over the job as the billionaire hedge fund manager works to revive the retailer.
The sudden departure of D’Ambrosio, 48, was prompted by family health matters, the Hoffman Estates, Illinois-based company said yesterday in a statement. Lampert, 50, will take over at the end of the company’s fiscal year on Feb. 2.
Lampert becomes Sears’s fifth CEO since he merged the retailer and Kmart in March 2005 as the more than century-old department-store chain works to emerge from hard times. Sales have slid for five straight years and the company posted a $3.14 billion loss in its last fiscal year amid competition fromWal- Mart Stores Inc. (WMT) and Home Depot Inc. (HD)…”
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