Sears shareholders to hear new CEO's sales plan (AP)
HOFFMAN ESTATES, Ill. – Sears' new CEO faces shareholders weekday to discourse what plans he has to restore income at the long-struggling retailer.
Lou D'Ambrosio makes a presentation at the annual meeting of Sears Holdings Corp. less than 10 weeks after his appointment to the crowning post. Also making his yearly public attendance module be the company's billionaire Chairman prince Lampert, who has been unable to turn Sears around in sextet years at the helm.
The 46-year-old D'Ambrosio was CEO of ring and computer code company Avaya Inc. from 2006 to 2008 before stepping downbound for scrutiny reasons. He earlier spent 16 years at IBM, retentive chief posts in sales, code and global services.
He took over Sears' crowning chief post from interval CEO W. doc Johnson.
This is the prototypal time the company has had a permanent CEO since Aylwin adventurer stepped downbound in Feb 2008. Shareholders would like to wager signs that it marks a turnaround point for the someone of Sears and Kmart stores.
With Sears' aerobatics having lasted more than a decade, investors understandably are skeptical. Shares in the company, which entered Tuesday's trading at $84.07, hit declined slightly since D'Ambrosio was declared as CEO and are downbound 30 proportionality from a assemblage ago.
Sears' annual income lapse 2 proportionality in 2010 to $43.3 billion, and the key metric of income from stores open at least a assemblage sank 1.6 percent. Results from Kmart stores hit begun to improve, but the Sears concern is ease lagging.
Moody's Investors Service terminal period downgraded its looking for Sears to steady from positive, saying the company's income is moderating and its profit margin shrinking.
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