Sears CEO Eddie Lampert leaves post abruptly

  • Push-out Score determined
  • After about six years in the position
  • Responsibilities redistributed
  • Lampert will remain as Chairman at Sears
  • Lampert spoke at length and said 180 words

(exechange) — Hoffman Estates, Illinois, October 15, 2018 — Eddie Lampert, chief executive of Sears, leaves the position. It is an abrupt change. As announced by Sears Holdings Corporation in a news release and in a regulatory filing published on Monday, October 15, 2018, Edward Scott (Eddie) Lampert has left his post as Chief Executive Officer at the retail company after about six years in the role, effective October 14, 2018.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange.

The position of Chief Executive Officer is currently not filled. Eddie Lampert’s responsibilities are redistributed.

“In support of the continued transformation and restructuring process”

A reason for Lampert’s sudden departure from the CEO post was not explicitly given. Sears said: “Holdings has enacted a series of leadership and Board changes in support of the continued transformation and restructuring process.”

Lampert will remain as Chairman at Sears

“He will remain Chairman of the Board,” Sears said.

“Stepped down”

Sears said: “Edward S. Lampert has stepped down from his role as Chief Executive Officer of the Company, effective immediately.”

Sears further said: “On October 14, 2018, Mr. Lampert stepped down as Chief Executive Officer of the Company.”

Share price decline

The change follows a decline in the share price of Sears Holdings Corporation since April 2010.

In the position of CEO since 2013

Edward S. Lampert assumed the role of CEO of Sears Holdings on February 2, 2013, in addition to his role as Chairman of the Board of Directors.

Edward S. Lampert is the Chairman and Chief Executive Officer of ESL Investments, Inc., which he founded in April 1988.

Since July 2015, Lampert has served as Chairman of the Board of Trustees of Seritage Growth Properties.

Lampert has extensive experience in business and finance, and he has invested in many retail companies.

He also served as Chairman of the Board of Kmart Holding Corporation, a company that emerged from bankruptcy in 2003 and was transformed into a profitable business prior to its merger with Sears, Roebuck and Co. in 2005.

Push-out Score determined

Read the full story in the exechange report 43.2018 ($).