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Sears CEO Out

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Department store retailer Sears Holdings Corp. said Monday Aylwin B. Lewis will step down Feb. 2 as president and chief executive and be succeeded by W. Bruce Johnson, executive vice president of supply chain and operations on an interim basis.

Lewis also will step down from Sears' board. The company said it will immediately launch a formal search to identify a permanent CEO.

"We are entering a new phase in Sears' evolution as a multi-channel retailer, as reflected by the new operational structure we recently announced, and the board has determined that now is the right time to put in place new leadership to take the company forward," said Chairman Edward S. Lampert, in a statement.

Last week, Sears said it would change its organizational structure in an effort to improve performance. The new structure will include five units: operating businesses, support businesses, brands, online and real estate.

Johnson will continue to be a member of the Office of the Chairman. He joined Kmart in 2003 as senior vice president of supply chain and operations and at the time of Sears' purchase of Kmart was appointed executive vice president of supply chain and operations for the combined company.

He was named to the Office of the Chairman in 2005 and took on store operations in 2006.

Full story. We wrote about Sears in our newsletter last week.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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