Once upon a time, a man won an award for being the “Worst CEO of the Year” without actually being the CEO of anything. Who is this man? Well, he’s the next CEO of Sears. Constant readers of Consumerist will be familiar with Mr. Eddie Lampert, the chairman of Sears Holdings and mastermind of the Kmart/Sears merger. Eddie is a big thinker. He famously published a 15-page manifesto in 2009 which covered everything from the economic meltdown to civil liberties, and contained a suggested reading list that included free-market Austrian economist Friedrich Hayek.
Bloomberg News reports that current Sears CEO Lou D’Ambrosio is stepping down suddenly due to family health matters, so it’ll be up to Lampert to take up the onerous task of pulling Sears out of its never-ending nose dive.
D’Ambrosio, who will remain on the company’s board until May, wrote in a memo to employees:
“This was a very difficult decision because of everything that Sears Holdings represents — great brands, great history, great associates and a deep commitment to its members and customers. The company will be in great hands.”
Lampert will take the reins on Feb. 2 and will be the company’s fifth CEO since he smushed Sears and Kmart together in 2007. And sales, they’ve been a’slidin’ ever since, all while the company’s cash has been slowly disappearing.
The company sold stores and assets off last year to make some dough, as well as spinning off its Hometown, Hardware and Outlet stores, while shutting down a number of its other stores and leasing the space to other retailers.
Good luck to ya, Mr. “I Never Saw A Bad Tactic For Saving A National Retail Chain I Didn’t Try To Use.” We have a feeling you’ll need it.
Sears Says Lampert to Take Over as CEO [Bloomberg]