Leadership change following decline in sales

Sears Holding, the number three broadline retailer in the US following the merging of Sears and Kmart, completed the second quarter with a decline in sales. The group announced a 3.2 per cent decrease in total sales for the Kmart stores (0.3 per cent in comparable store sales), and of 3 per cent for Sears (7.4 per cent in comparable store sales). As a result of this negative development, and a five per cent decline in stock prices, Sears Holding is to replace the current CEO Alan Lacy by Aylwin Lewis with effect from 30 September. Lacy will remain in the company in his position as vice chairman, concentrating on the integration of the companies and strategic questions. Majority shareholder and chairman Edward Lampert will have responsibility for the areas of marketing and merchandising.