Sears Announces Management Changes

Alan Lacy, who will become president and CEO of Sears, Roebuck and Co. (NYSE: S), has announced plans to realign certain reporting relationships and eliminate the Office of the Chief Executive, effective Oct. 1.

As a result of these plans, Julian Day, executive vice president and COO, will leave the company to pursue other interests. Effective immediately, the functions previously reporting to Day will report directly to Lacy.

Day, 47, joined Sears in March 1999 as executive vice president and chief financial officer. In September 1999, he became executive vice president and COO and was named a member of the newly created Office of the Chief Executive, which included Lacy and Chairman and CEO Arthur C. Martinez.

While at Sears, Day was instrumental in the creation and development of GlobalNetXchange, the first retail business-to-business marketplace. He also initiated and directed an effective cost-reduction program.

Sears, Roebuck and Co. is a leading U.S. retailer of apparel, home and automotive products and services, with annual revenue of nearly $40 billion. The company serves families throughout the country through approximately 860 full-line department stores, more than 2,100 specialized retail outlets and a variety of offerings accessible through the company's Web site, http://www.sears.com/ .

SOURCE: Sears, Roebuck and Co.

Contact: Peggy Palter of Sears, Roebuck and Co., 847-286-8361

Website: http://www.sears.com/