Sears Holdings Corporation (NASDAQ: SHLD) today announced that Alan Lacy, vice chairman of Sears Holdings, has decided to leave the company effective July 29, 2006. Mr. Lacy will also resign from the boards of directors of Sears Holdings and Sears Canada at that time.
"I want to thank Alan for his many contributions to the company," said Sears Holdings Chairman Edward S. Lampert. "Under Alan's leadership, Sears, Roebuck and Co. took the steps necessary to create a more competitive company. Most importantly, he recognized that the merger of Sears and Kmart would be a powerful opportunity to significantly improve the strategic and financial position of both franchises."
"I also want to thank Alan for his dedication to Sears Holdings," Mr. Lampert added. "He took on the important role of vice chairman last September, when we both recognized the need for a more efficient organization structure and yet wanted the recently merged companies to continue to benefit from Alan's knowledge and judgment. As vice chairman, he's been focused on the integration of Sears and Kmart as well as his responsibilities as the chairman of the board of Sears Canada, which has seen its stock price double since he was named to that post."
Mr. Lacy commented, "I am proud of what we've accomplished. We have faced many challenges and yet have been able to significantly change the face of Sears and create significant value for shareholders. In doing so, I have been deeply impressed by and grateful for the dedication and capability shown by our associates during this period of rapid change. I'm convinced the merger of Sears and Kmart provides a greater opportunity for growth and prosperity than either company would have had independently. I'm excited about the future of Sears Holdings and what it can achieve."
Prior to being named Sears Holdings' vice chairman, Mr. Lacy served as chief executive officer for Sears Holdings Corporation and before that he served as chief executive officer for Sears, Roebuck and Co. beginning in October 2000. In December 2000, he also was named chairman of the board of directors of Sears, Roebuck and Co. Mr. Lacy joined Sears as senior vice president, finance in 1994 and became executive vice president and chief financial officer the following year. He was appointed president, Sears Credit in 1997 and served as president, Services before becoming CEO.
About Sears Holdings Corporation
Sears Holdings Corporation is the nation's third largest broadline retailer, with approximately $55 billion in annual revenues, and with approximately 3,900 full-line and specialty retail stores in the United States and Canada. Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, home electronics and automotive repair and maintenance. Key proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel offering, including such well-known labels as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands. It also has Martha Stewart Everyday products, which are offered exclusively in the U.S. by Kmart and in Canada by Sears Canada. The company is the nation's largest provider of home services, with more than 13 million service calls made annually. For more information, visit Sears Holdings' website at http://www.searsholdings.com/ .
SOURCE: Sears Holdings Corporation
CONTACT: News Media Contact, Sears Holdings Public Relations,
Web site: http://www.searsholdings.com/