NEWS ALERT
from The Wall Street Journal
Jan. 28, 2008
Sears said its president and chief executive, Aylwin B. Lewis, will step down at the end of the week as the retailer undertakes its recently announced restructuring. Mr. Lewis, who will also step down from the retailer's board, will be succeeded on an interim basis by W. Bruce Johnson, executive vice president of supply chain and operations.
"We are entering a new phase in Sears' evolution as a multi-channel retailer ... and the board has determined that now is the right time to put in place new leadership to take the company forward," said Chairman Eddie Lampert. Sears last week announced a new organizational structure more like a holding company that consists of five units - operating businesses, support, brands, online and real estate.
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