Sears Canada announced that it has named Brent Hollister its new president and CEO. Mr. Hollister, longtime Sears Canada executive, most recently served as the company's president and COO. In addition, Glenn R. Richter, executive vice president and CFO 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 retailer also said that the contract of Mark A. Cohen, who had been chairman and CEO of Sears Canada, has been terminated 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."
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