New Sears CEO Consolidates Power
HOFFMAN ESTATES, Ill. (AP) _ Consolidating his power, Sears, Roebuck and Co.’s new leader said Friday he is eliminating the company’s year-old leadership structure in which two senior officials shared decision-making with the chief executive.
The move takes effect Oct. 1, when Alan Lacy officially takes over as president and chief executive officer from the retiring Arthur Martinez.
Julian Day, executive vice president and chief operating officer, is leaving the company to pursue other interests as a result of the plan, Sears said in a statement released after markets closed.
Day was part of the three-person office of the chief executive along with Lacy and Martinez _ an arrangement Martinez announced a year ago so he could personally devote more attention to Sears’ struggling retail business.
Day, 47, joined Sears in March 1999 as executive vice president and chief financial officer. He was not believed to be a finalist for the top job, which Sears’ board awarded to longtime company official Lacy on Sept. 11.
Lacy also succeeds Martinez as chairman on Dec. 1.
Sears stock closed 19 cents lower at $34.44 a share Friday on the New York Stock Exchange.