Top Business News

HOFFMAN ESTATES, Ill. – Struggling merchandiser Sears Holdings Corp. on Wednesday titled a newborn CEO, ending a three-year search that began after its terminal honcho chief hopeless amid income and profit slumps.

The histrion Estates consort that runs Sears and Kmart said its commission had elected Lou D'Ambrosio as its newborn honcho chief officer and president.

D'Ambrosio, 46, served as honcho chief of ring and machine code consort Avaya Inc. from 2006 to 2008, before stepping downbound for scrutiny reasons. Before connexion Avaya, D'Ambrosio spent 16 eld at IBM, holding chief posts in sales, code and orbicular services.

For the terminal six months, D'Ambrosio has been employed as a consultant to Sears' board.

He takes the company's reins from interval CEO W. doc President who replaced Aylwin Lewis, who stepped downbound in February 2008.

With D'Ambrosio attractive the helm, President becomes Sears' chief evilness chair of its off-mall businesses and supply chain.

The consort is controlled by billionaire financier Edward Lampert, who acquired Kmart in 2003 and after bought Sears, Roebuck & Co. to modify Sears Holdings.

The announcement of the newborn CEO came meet hours before Sears was cod to report its fourth-quarter results preceding to the have market's inaugural Thursday.

Last period the consort signaled that it expected to post fourth-quarter drawing that would be better than what Wall Street analysts had previously forecast.

That would be upbeat programme for the company, which saw its third-quarter loss nearly threefold in conception because of anaemic appliance and covering income at Sears stores.

Its income at stores unstoppered at small a assemblage dropped 4.8 percent in the third quarter. That amount is a key judge of a retailer's upbeat because it excludes income at stores that opened or closed in the past year.

The consort has about 3,900 full-line and specialty retail stores in the U.S. and Canada.

Shares in Sears Holdings rose $1.77, or 2 percent, to $89 in extended trading Wednesday. They had ended the regular session downbound $2.93, or 3.3 percent, at $87.23.

Source