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Slumping Sears Ousts CEO

Board dumps Lewis as part of restructuring plan to boost retailer's falling sales, stock

By Caroline Zimmerman,  Newser User

Posted Jan 28, 2008 9:39 AM CST
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(Newser) – Sears Holdings CEO Aylwin Lewis will depart as part of company-wide restructuring, the Wall Street Journal reports. Sears stock has plummeted 40% since July, and the retailer's sales were down 3.5% this holiday season. The company, which was created when Kmart Holding Corp. took over Sears in 2005, last week announced a plan to decentralize the chain of command, up capital spending by $200 million, and reformat stores.

Sears Chairman Eddie Lampert brought Lewis in as a Kmart VP in 2004, right before the hedge fund manager snapped up Sears. Lewis was appointed head of store operations in 2006, but since then, "the company has been in free-fall," one consultant told Bloomberg. The executive VP of supply chain and operations will fill in until Sears finds a permanent replacement.

Snowblowers are lined up in front of the Sears store in Berlin, Vt., in this Nov. 29, 2007 file photo. Shares of Sears Holdings Corp. tumbled Monday, Jan. 14, 2008, after the retailer warned falling sales would force it to post fourth-quarter and full-year earnings well below analyst estimates. (AP...
Snowblowers are lined up in front of the Sears store in Berlin, Vt., in this Nov. 29, 2007 file photo. Shares of Sears Holdings Corp. tumbled Monday, Jan. 14, 2008, after the retailer warned falling...   (Associated Press)
Sears Holdings Corp. chairman Edward Lampert speaks during a news conference in New York in this Nov. 17, 2004 file photo. Sears Holdings Corp. on Monday, Jan. 28, 2008 said that its president and chief executive would step down at the end of its fiscal year this week, the latest...
Sears Holdings Corp. chairman Edward Lampert speaks during a news conference in New York in this Nov. 17, 2004 file photo. Sears Holdings Corp. on Monday, Jan. 28, 2008 said that its president and chief...   (Associated Press)
A man walks past a now hiring sign into the Sears Hardware store in in Bainbridge Twp., Ohio on Friday, Jan. 4, 2008. Employers last month added the fewest new jobs to their payrolls in more than four years, according to the employment report released Friday by the Labor Department....
A man walks past a "now hiring" sign into the Sears Hardware store in in Bainbridge Twp., Ohio on Friday, Jan. 4, 2008. Employers last month added the fewest new jobs to their payrolls in more than four...   (Associated Press)
Sears Holding Corp. president and chief executive Aylwin B. Lewis speaks during a news conference in New York in this Nov. 17, 2004 file photo. Sears Holding Corp. on Monday, Jan. 28, 2008 said that Lewis would step down Feb. 2 at the end of its fiscal year. (AP Photo/Gregory...
Sears Holding Corp. president and chief executive Aylwin B. Lewis speaks during a news conference in New York in this Nov. 17, 2004 file photo. Sears Holding Corp. on Monday, Jan. 28, 2008 said that...   (Associated Press)
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CEO • Sears • Eddie Lampert • Kmart • Edward Lampert • Aylwin Lewis

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