Sears Replaces CEO, Posts Profit
9th Sep 2005, 06:34 GMT
Sears Holdings, the No. 3 U.S. retailer, named Aylwin Lewis to replace Alan Lacy as chief executive today and reported a US$161 million profit from its first full quarter following Kmart Holding's acquisition of Sears, Roebuck & Co. The second-quarter results reflected continuing sales declines at both chains and fell well short of Wall Street's expectations. The company's stock dropped after the news. Chairman Edward Lampert named Lewis, the former head of Kmart and of Sears' retail business, to take over as CEO and president effective Sept. 30. Free WiFi Hotspot Locator from TechNewsWorld Wondering where to find the nearest publicly available WiFi Internet access? Our global directory of 70,000 locations in 26 countries is a terrific tool for mobile computer users.
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