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Sears Holdings announces CEO is stepping down

HOFFMAN ESTATES, Ill. (AP) - Sears Holdings Corp. says CEO Louis J. D'Ambrosio is stepping next month due to health issues involving his family.

The company, which operates Sears and Kmart stores, announced Monday that D'Ambrosio will be replaced by company chairman and its largest shareholder, Edward Lampert. D'Ambrosio will remain on the board until the company's annual meeting in May.

In a statement, Lampert said D'Ambrosio led Sears Holdings during a time of rapid industry change to become a more customer-focused company.

D'Ambrosio became Sears Holdings CEO in February 2011. He was previously president and chief executive officer of Avaya Inc., a communications company. Before joining Avaya, D'Ambrosio spent 16 years at IBM.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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