Louis D’Ambrosio, CEO of Sears Holdings, is to leave the retailer next month due to “family health matters.”
D’Ambrosio, who has held the role since February 2011, will leave Sears on February 2, the end of the company’s fiscal year. He will be replaced by chairman Edward Lampert.
Sears said D’Ambrosio will remain on the board until the next annual meeting of stockholders in May to help ensure a smooth transition.
“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.
While D’Ambrosio said: “This was a very difficult decision, but necessary for family considerations.”
Looking forward, the company said it expects fourth-quarter net loss to be between $280 million and $360 million.
This includes an estimated non-cash charge of $450 million related to pension settlements and $42 million of pension expense. Excluding these items, net income is forecast to range from $132 million and $212 million.
For more fashion and apparel industry news, go to just-style.com