Sears Chief Executive Resigns

Aylwin Lewis will resign as president and ceo of Sears Holdings Corp. (Hoffman Estates, Ill.) on Feb. 2, 2008. He will be succeeded, on an interim basis, by W. Bruce Johnson, currently executive vp, supply chain and operations. The retailer said it will immediately launch a formal search for a permanent ceo.

Lewis, the first casualty of the retailer’s upcoming reorganization, also will step down from the Sears board.

Last week, the retailer announced it would change its organizational structure, in an effort to improve performance, into five units: operating businesses, support businesses, brands, online and real estate.

“We are entering a new phase in Sears' evolution as a multi-channel retailer,” said chairman Edward Lampert, “and the board has determined that now is the right time to put in place new leadership to take the company forward.'

Lewis, one of the first African-American chief executives of a Fortune 500 company, joined Kmart as president and ceo in 2004 and maintained his leadership position following the merger. He had been president and chief multi-branding and operating officer at Yum! Brands Inc. (Louisville, Ky.). He had been in the restaurant business for 26 years, beginning as the general manager of a local operation.

Johnson, who had been with Carrefour SA (Levallois Perret, France), joined Kmart Corp. (Troy, Mich.) in 2003 as senior vp, supply chain and operations. At the time of Sears' purchase of Kmart in 2005, he was named to his current position for the combined company. He took on store operations in 2006.