WWD reported that Sears' CEO, Lou D'Ambrosio, is stepping down due to "family health matters." He is set to leave at the end of the fourth quarter, or February 2nd.
Chairman of the board, Edward S. Lampert, will takeover as CEO.
On a separate issue, Sears expects a net loss attributable to shareholders for the fourth quarter to be between $280 million and $360 million.
Sears, Roebuck and Co., a wholly owned subsidiary of Sears Holdings Corporation, is a leading broadline retailer providing merchandise and related services and is part of ShopYourWay, a social shopping experience where members have the ability to earn points and receive benefits across a wide variety of physical and digital formats through ShopYourWay.com. Sears, Roebuck offers its wide range of home merchandise, apparel and automotive products and services through its Sears-branded and affiliated stores in the United States and Canada. Sears, Roebuck also offers a variety of merchandise and services through sears.com, landsend.com, and specialty catalogs. Sears, Roebuck offers consumers leading proprietary brands including Kenmore, Craftsman, DieHard and Lands' End -- among the most trusted and preferred brands in the U.S. The company is the nation's largest provider of home services, with more than 15 million service and installation calls made annually. For more information, visit the Sears, Roebuck website at www.sears.com or the Sears Holdings Corporation website at www.searsholdings.com.