Hoffman Estates, Ill.-based Sears Holdings Corp. announced Monday that Louis J. D'Ambrosio will step down as CEO for family health matters at the end of the company's fiscal year on Feb. 2. Edward S. Lampert will then assume the role of CEO of Sears Holdings, in addition to his role as chairman of the board of directors.
"The board greatly appreciates Lou's strong leadership in accelerating the transformation of Sears Holdings, and we understand and respect his personal decision to step down," said Lampert.
"Lou has guided Sears Holdings during a time of rapid industry change to become a more customer and member-focused company and positioned us to lead in integrated retail," said Lampert in a prepared statement. "His contributions to our company have been significant, and the entire Sears Holdings family wishes Lou and his family the very best."
Sears has seen comp-store sales decline for six straight years. More signs of struggle for Sears can be found at the bottom line. The company said it expects net loss for the full year ending Feb. 2 to be between $721 million and $801 million.
D'Ambrosio will remain on the board until the company's next Annual Meeting of Stockholders to be held in May 2013 and will be available to assist with a smooth transition, according to the company.