Eddie Lampert Becomes CEO Of Sears Holdings

Eddie Lampert Becomes CEO Of Sears Holdings
See page for author [Public domain], <a href="https://commons.wikimedia.org/wiki/File%3ASears_Logo.svg">via Wikimedia Commons</a>

Sears Holdings Corporation (NASDAQ:SHLD)’s next CEO has been announced. According to a statement from the company, well-known hedge fund manager Eddie Lampert, who serves as chairman of the board and headed up the merger of Kmart and Sears, will become CEO effective in February.

Eddie Lampert Becomes CEO Of Sears Holdings

On Monday Sears Holdings Corporation (NASDAQ:SHLD) announced that its current CEO, Louis J. D’Ambrosio is leaving in February due to family health concerns. February marks the end of his second year serving as the CEO for Sears and the end of the company’s fiscal year. D’Ambrosio will remain on the Board until the next annual stockholders meeting in May so that he can assist with making a smooth transition.

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“The Board greatly appreciates Lou’s strong leadership in accelerating the transformation of Sears Holdings, and we understand and respect his personal decision to step down,” said Lampert in a company statement. “Lou has guided Sears Holdings during a time of rapid industry change to become a more customer and member-focused company and positioned us to lead in integrated retail.”

Sears Holdings Corporation (NASDAQ:SHLD) also announced updated guidance for its fourth quarter-to-date performance. A statement from the company shows that it has adjusted its expectations for earnings before interest, taxes, depreciation, and amortization to between $365 million and $465 million. A year ago that number was $351 million. The company also reported a net loss of between $280 million and $360 million, attributable to the company’s shareholders for its February quarter. That loss amounts to between $2.64 and $3.40 per diluted share.

Sears will release its final fourth quarter results for fiscal year 2012 on Feb. 28 before the market opens. This morning in premarket trades, shares of Sears rose 2.5 percent, adding to Monday’s increase of almost 2 percent.

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