Sears Taps EVP/Supply Chain As Interim CEO
"We are entering a new phase in Sears' evolution as a multichannel retailer," the company says in a release, "and the board has determined that now is the right time to put in place new leadership to take the company forward."
W. Bruce Johnson, executive vice president/supply chain and operations, will act as interim CEO during the search.
Faced with declining sales and growing criticism from investors about its marketing and merchandising strategies, Sears recently announced that it would reorganize into five different business units, giving its executives "greater autonomy and accountability for their businesses," which will allow them to "act with the flexibility and speed required in today's dynamic and highly competitive marketplace."
--Sarah Mahoney
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