Sears, Roebuck and Co. CEO Alan Lacy will take on a second job as chairman of the board of Sears Canada, lending weight to speculation that Sears will sell its Canadian business.
Mr. Lacy will replace Glenn Richter, who is leaving his job as CFO at Sears to become CFO of Chicago, IL, U.S.-based R.R. Donnelley & Sons.
Mr. Richter had served less than 7 months as chairman of Sears Canada's board. He succeeded Mark A. Cohen, who became CEO and chairman of Sears Canada after he lost a battle for the Sears CEO job to Lacy 4 years ago. Mr. Cohen was ousted because of what Sears Canada called "strategic differences."
A Sears Canada spokesman said that Lacy is the company's "permanent" chairman, refuting the notion that it's a caretaker job until Sears can sell the 121-store Canadian subsidiary, which is more upscale than its American parent.
No other Sears CEO has served as chairman of Sears Canada's board, Sears Canada spokesman Vincent Power said. Instead, a top Sears executive has for many years held a top job at Sears Canada, such as president or COO.
Mr. Lacy served as a member of the Sears Canada board from 1995 to 1997, and during his 4 1/2-year tenure as Sears CEO. (Chicago Sun Times)
