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January 31, 2008 |
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SEARS HOLDINGS: CEO's Planned Departure Won't Affect S&P Ratings Sears Holdings Corp.'s (BB/Stable/--) announcement that Aylwin Lewis (currently CEO and president) will leave the company has no immediate impact on Sears' credit rating or outlook. W. Bruce Johnson (currently executive vice president, supply chain and operations) has been appointed interim CEO and president. Led by Edward Lampert, chairman of Sears and CEO of ESL Investments Inc., which owns approximately 42% of Sears' common stock (as of Feb. 3, 2007), a search has begun for a permanent CEO. Since its formation in 2005, Hoffman Estates, Illinois-based Sears Holdings, which is the combination of Sears, Roebuck and Co. and Kmart, has made progress in cutting costs, but has not been able to show improvement in sales. Recently, the company said that it would reorganize into five business units. S&P continues to believe that top-line growth will be very challenging, despite the reorganization and change in management. Based in Hoffman Estates, Illinois, Sears Holdings Corporation (NASDAQ: SHLD) - http://www.searsholdings.com/ -- parent of Kmart and Sears, Roebuck and Co., is a broadline retailer with approximately 3,800 full-line and specialty retail stores in the United States, Canada and Puerto Rico. |
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