Lampert To Take Helm At Sears

Jan 8 2013 | 11:05am ET

Hedge fund billionaire Edward Lampert is taking over Sears Holdings, the retail giant his hedge fund acquired eight years ago.

Lampert will become Sears' CEO as the department store chain struggles to revive its fortunes. Sales continue to fall and the company said last year it would close 120 stores.

Lampert, who took control of Sears in 2005 through a merger with Kmart, succeeds Lou D'Ambrosio. D'Ambrosio is reportedly leaving Sears in part due to a family member's medical condition.

ESL Investments' ownership of Sears has been sharply criticized for its failure to invest in the chain's stores. Lampert defended himself, noting, "we couldn't invest in everything." But, he said, he would encourage Sears to "take bigger and more creative risks" with the cash made available by closing poor-performing stores.

"There's a very big difference between being a CEO of a company and a shareholder or chairman of a company," Lampert said.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR