Sears Holdings Corp. said that former interim CEO Bruce Johnson will serve as president and CEO of Sears Hometown and Outlet Stores once the unit is spun off from the retailer.

Johnson served as interim CEO of Sears Holdings from 2008 to early 2011.

Last February, Sears Holdings announced it would spin off its Sears Hometown and Outlet businesses in an effort to raise an expected $400 million to $500 million.