Long-time stakeholder of specialty retailer Sears Holdings
of ESL Investments, has stepped in to succeed Louis D'Ambrosio's
position as CEO, after D'Ambrosio announced yesterday that he is
stepping down due to family health matters.
Lampert will proceed to serve as Sears Holdings' board of
directors chairman, in addition to his new CEO title, which is
set to take into effect Feb. 2. D'Ambrosio will remain on the
board until the company's next Annal Meeting of Stockholders, to
be held May 2013.
"In light of Lou's decision to step down, the Board feels it is
important that there is continuity of leadership during this
important period of transformation and improvement at Sears
Holdings," Lampert said. "I have agreed to assume these
additional responsibilities in order to continue the company's
recovery and sustain the momentum we are experiencing, as well as
further the development of the management team under the
distributed leadership model, which provides our business unit
leaders with greater control, authority and autonomy."
Prior to the succession, Sears Holdings remained Lampert's
largest holding, with a portfolio weighting of 42.1 percent,
which represents 39.71 percent of the company's outstanding
shares. His position in the company is worth over $2.3 billion.
Having only been with Sears since February 2011, D'Ambrosio will
leave a company that has gained 46.16 percent in market value
over the past year.
For the fourth quarter, Sears Holdings expects an adjusted EBITDA
between the range of $365 million and $465 million, surpassing
the $351 million made in the same period last year. For the full
year, the company expects its adjusted EBITDA to fall in the
range between $560 million and $660 million, much higher than the
$277 million the year before.
In October, the company had almost $2 billion in debt, according
, which D'Ambrosio said the company reduced by $400 million as of
Last February, Sears Holdings separated from its outlet segment,
Sears Hometown (
), which made the company the aggregate gross proceeds amount of
$346.5 million, from exercised subscription rights by 95 percent
of its shareholders.
Lampert Exercises Stock Option for Sears
Sears Holdings stock is down 6.25 percent this morning, trading
at $40.19 per share. GuruFocus ranks the company a 5 in Financial
Strength and a 2 in Profitability and Growth.
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