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Sears Names New CEO, CMO

Sears Holdings, the retail giant that was created as a result of the merger earlier this year between Sears Roebuck and Kmart, has announced a new organizational and executive lineup effective Sept. 30.

The changes give Edward S. Lampert—the billionaire investment wizard and founder of ESL Investments, Greenwich, Conn., which orchestrated the merger—an increased role in marketing and merchandising, and elevate Alywin B. Lewis to the CEO position.

The announcement was made in Sears Holdings' Second Quarter 2005 Financial Statement, released yesterday.

Lampert, Sears Holdings' chairman, will lead the company's initiatives to become more responsive to its customers, including the marketing, merchandising, design and online businesses of Sears Holdings as well as Lands' End.

Lewis, former head of Kmart and Sears' retail business, will assume the position of CEO and president of Sears Holdings, with responsibility for the company's 3,900 stores, as well as home services, finance, legal, supply chain, information technology and human resources. Lewis is a fast-food industry veteran who came to Kmart from Yum Brands last October.

The company posted a disappointing profit of $161 million for the quarter, which ended July 30. Revenues totaled $13.19 billion. Sears's domestic sales declined 3% during the period; comparable store sales dropped 7.4%.

Kmart comparable store sales and total sales decreased 0.3% and 3.2%, respectively, for the period. Total sales were negatively impacted by a reduced number of Kmart stores in operation.

Sears Holdings, with approximately $55 billion in annual revenues, is the third-largest broadline retailer in the U.S., selling home appliances, tools, lawn and garden, home electronics and automotive repair and maintenance products. Key proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel offering including Lands' End, Jaclyn Smith, Joe Boxer, Apostrophe and Covington brands, as well as Martha Stewart Everyday.

Sears Names New CEO, CMO

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