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:

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

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