Hedge-fund wizard Edward Lampert is taking on a startling new role at Sears Holdings Corp.: chief marketer and merchandiser.
The billionaire chairman shook up top management at the No. 3 U.S. retailer Thursday after another poor quarter, naming Aylwin Lewis to replace Alan Lacy as CEO and taking on a more direct role at the struggling company.
The moves come with sales still sinking at the company's two laggard chains, nearly six months after Kmart Holding Corp.'s acquisition of Sears, Roebuck & Co. Reporting results from the first full quarter after the merger, Sears Holdings said it had a lower-than-expected profit of $161 million.
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The billionaire chairman shook up top management at the No. 3 U.S. retailer Thursday after another poor quarter, naming Aylwin Lewis to replace Alan Lacy as CEO and taking on a more direct role at the struggling company.
The moves come with sales still sinking at the company's two laggard chains, nearly six months after Kmart Holding Corp.'s acquisition of Sears, Roebuck & Co. Reporting results from the first full quarter after the merger, Sears Holdings said it had a lower-than-expected profit of $161 million.
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