Sears Names New CEO

Technology executive Lou D’Ambrosio was named chief
executive officer and president of Sears, the Sears Holding Board of Directors
announced Feb. 23.

He is the company’s first permanent CEO in three years. He
replaces W. Bruce Johnson, who had served as interim CEO.

D’Ambrosio has worked with the Sears Holdings as a
consultant to the Board of Directors for the last six months.

“Having worked closely with Lou and observing his business
acumen, compelling leadership style, performance orientation, and customer-first
approach, I am confident that Lou is the right person to lead and transform
Sears Holdings,” Edward S. Lampert, chairman of the board of directors, said in
a statement.

D’Ambrosio was chief executive of Avaya, a
telecommunications company, from 2006 to 2008.

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