Sears chairman Edward Lampert takes over as CEO
January 8, 2013 10:25 AM
Sears Holdings Corp. CEO Louis J. D’Ambrosio will leave the department store chain retailer effective Feb. 2, the retail chain announced today. Sears’ chairman Edward S. Lampert will take over as CEO. He will continue as the retailer’s chairman.
Sears says D’Ambrosio is leaving for personal reasons. He will remain on the board until Sears’ next annual stockholder meeting in May. He was CEO for just less than two years.
"In light of Lou's decision to step down, the board feels it is important that there is continuity of leadership during this important period of transformation and improvement at Sears Holdings,” Lampert says. “I have agreed to assume these additional responsibilities in order to continue the company's recovery and sustain the momentum we are experiencing.”
The department store chain retailer, No. 8 in the Internet Retailer Top 500 Guide, today also released an update on its expected fourth quarter earnings. It says it expects earnings generated in the United States and Canada, before the deduction of interest, tax and amortization expenses, will be between $365 million and $465 million, compared with $351 million a year ago, an estimated change of 3.9% to 32.5%. It also forecast that its net loss for Q4 at between $280 million and $360 million.