Statement on Sears Canada Leadership Change
Today, the Sears Canada board of directors appointed a longtime Sears Canada executive, Brent Hollister, as president and chief executive officer. Hollister currently serves as the company's president and chief operating officer. In addition, Glenn R. Richter, executive vice president and chief financial officer of Sears, Roebuck and Co., has been appointed board chairman of Sears Canada. He will continue to serve in his Sears, Roebuck and Co. role.
The contract of Mark A. Cohen, who had been chairman and chief executive officer of Sears Canada, has been terminated by the board as a result of strategic differences about the future direction of the business.
Sears, Roebuck owns approximately 54 percent of Sears Canada, an independent, publicly traded company. In summarizing his views on the business opportunity for Sears Canada, Sears Roebuck Chairman and CEO Alan Lacy said, "Sears Canada can be in a strong position to grow, through both its existing mall-based retail presence and through a comprehensive off-mall growth plan. We believe there are good growth prospects for the business and I look forward to the plans that will be developed under Brent's and Glenn's leadership. We are pleased to maintain our interest in the company."
About Sears
Sears, Roebuck and Co. (NYSE: S) is a leading broadline retailer providing merchandise and related services. With revenues in 2003 of $41.1 billion, the company offers its wide range of home merchandise, apparel and automotive products and services through more than 2,300 Sears-branded and affiliated stores in the U.S. and Canada, including approximately 870 full-line stores and 1,100 specialty stores in the U.S. Sears also offers a variety of merchandise and services through sears.com, landsend.com, and specialty catalogs. Sears is the only retailer where consumers can find each of the Kenmore, Craftsman, DieHard and Lands' End brands together -- among the most trusted and preferred brands in the U.S. The company is the largest provider of product repair services with more than 14 million service calls made annually.
SOURCE: Sears, Roebuck and Co.
CONTACT: Chris Brathwaite of Sears, Roebuck and Co., +1-847-286-4681
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