Sears' CEO Has Been Fired

Aylwin B. Lewis, CEO of Sears, has been asked to step down as part of Sears’ restructuring plan, says the Chicago Tribune. In a prepared statement, the billionaire hedge fund guy who controls Sears, Eddie Lampert, explained the reason behind Mr. Lewis’ departure:

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.

As we’ve previously mentioned, Sears will be splitting itself into 5 different units: operating businesses, support, brands, online and real estate. An interim CEO has been named while Lampert searches amongst the piles of retail rejects for someone masochistic enough to want to implement his plans.

If anyone out there would like to share the new CEO’s contact information, we’re all ears: tips@consumerist.com.

Sears names Johnson as interim CEO, Aylwin Lewis to step down as president, CEO
[Chicago Tribune] (Thanks, Stephen!)
(AP Photo/Gregory Bull, file)

Comments

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  1. adios amigo!

  2. diamondmaster1 says:

    CEOs are dropping like flies in retail across the US after the debacle that was Xmas 2007.

    Nothing really new here; move along!

  3. nutrigm says:

    Any word on his bail-out package size? How many millions is it?

  4. ogman says:

    Memo to future CEOs: Treating customers like crap will cost you your job.

  5. headon says:

    now if only Lampert would step down. (May I suggest it be down a flight a stairs)

  6. Nighthawke says:

    Don’t let the door hit you on the way out. No, I insist you turn in your VIP parking permits for your Mercedes and Jag.

  7. chrispiss says:

    They need to just close sears and end it all.

  8. NotATool says:

    “Sears’ evolution…”

    Sears is a dinosaur. Dinosaurs didn’t evolve, they became extinct. The way of the dodo, so to speak.

  9. Imaginary_Friend says:

    I hear his severance package will include a free consultation with a Sears home specialist and $50,000 worth of premium vinyl siding.

  10. deadlizard says:

    Sears imminent death is going to be slower and more painful than HD DVDs.

  11. ElizabethD says:

    Damn, this guy will be a multimillionaire now. Congrats, man!

  12. veraikon says:

    @nutrigm: According to their 2006 proxy statement, it should be anywhere between $19.9 million and $22.9 million, depending on if they classify his termination as “with cause” or “constructive” (i.e. voluntary). Sounds like they had plenty “cause”, so he should only get the $19.9 mill.

  13. veraikon says:

    @veraikon: Err I mean the April 2007 proxy statement.

  14. econobiker says:

    @Imaginary_Friend: and free lifetime tire rotation plus 35 point “safety” inspection for his auto- that is if they can service SL600’s.

  15. FMulder says:

    @deadlizard: Yes, but it will be filled with cheap towels, sheets, socks, and all those household/wardrobe standards I need to stock up on. Better than a White Sale!

  16. firesign says:

    all sears stores closed or converted to kmarts within 5 years: confirmed.

  17. Imaginary_Friend says:

    @econobiker: Doesn’t matter – they’ll still tell him they did. Then, they’ll convince him he needs a new battery and tires.

  18. victor13 says:

    GOOD! He was SOOOO boring in the silly sunday morning meetings videos we had to watch.

    Him and his 3 step plan can go to hell! Lets see him “build customer relationships, improve every day and make more money” when he doesn”t have a job!

  19. manok says:

    who needs a job with 19 mil in the bank?

  20. m4ximusprim3 says:

    @victor13: according to veraikon, he’s just gonna skip steps 1 and 2. God, CEO severance packages disgust me.

    1) Fuck up royally for years.
    2) Get your ass handed to you.
    3) Profit!

  21. starrion says:

    Step 1:
    Sell off the real estate. (you’ll still get actual cash for that)

    Sell the brands to the chinese.

    Support pays for itself through abuse of the foolish people that call them until they wither on the vine.

    Operating businesses (Sears and Kmart) continue their death spirals by closing unprofitable stores and pissing off customers at the profitable ones until they are all gone.

    Online continues their Extreme stupidity until the customers will have nothing to do with them.

    Step 2 ??

    Step 3 Profit!!

  22. vdragonmpc says:

    Maybe we can send this ‘jewel of business management’ to a Tire America for ‘tire work’ and when the freakin tire flies off his car and kills him as he is thrown though several barbed wire fences, lands in cow poo and breathes his last in a fog of ‘fertilizer’…

    Further Justice would be for him to just stay there and rot like the useless heap of cow poo he is.

    Can you say I hate what happens when CEO’s run a company into the ground at the cost of the workers? This has gotten out of hand. There needs to be a point set where pay must NOT exceed 100% of the lowest paid workers salary. Also CEOs should take a mandatory pay cut to a ‘normal’ salary BEFORE they EVER cut jobs… IE: There is NO CEO at ALL worth more than 500,000 per year. Period.

  23. veraikon says:

    @m4ximusprim3: Yup, most of us are lucky to get two week’s pay if we’re fired or laid off. He ruined a company and got more than most of us will even make in our lifetimes.

    [www.sec.gov]

    It’s all there. Search for the phrase Termination for Cause by the Company.

  24. bombaxstar says:

    @victor13: I KNOW RIGHT. Maybe next they’ll get rid of that guy that doesn’t blink, or the lady with the man-suits…

  25. President Beeblebrox says:

    “Sears will be splitting itself into 5 different units: operating businesses, support, brands, online and real estate…”

    Hah. Spinning off brands = FAIL. Spinning off real estate = EPIC FAIL.

    There’s a reason why the remaining vestiges of Bethlehem Steel and the Pennsylvania Railroad are real-estate holding companies. When your company goes to hell, real estate is the only thing left.

    And as for spinning off brands, go to Wal-Mart or Target sometime and see how many former US brands are being marketed & sold under license by Chinese companies now, like Woolrich – founded in Pennsylvania and now licensed for products made in China.

  26. President Beeblebrox says:

    @veraikon: Typical obscene corporate parachute. If Lewis is fired “for cause” (which includes conviction of a felony, btw), he gets a total of $19.8 million. Constructive termination? $22.9 million. Not a bad paycheck for someone who ran the company into the ground.

  27. Parting says:

    Welcome to 2008 CEO. On the other hand, overpaid for doing what?

  28. riverstyxxx says:

    I still don’t see the big stink of sears or of kmart. I never had a problem with either. Sears sold tools that we still have, and kmart never had lines or crowds and that’s where I bought most of my toys at when I was a kid :(