Sears Hires Ceo

Sears Holdings (Hoffman Estates, Ill.) has named Lou D'Ambrosio president and ceo, effective immediately. D'Ambrosio, a former Avaya Inc. and IBM executive, and has served as a consultant to the Sears Holdings board for the past six months.

“From the beginning of our ceo search, we were determined to find a leader with information and technology experience who could catalyze the transformation of our portfolio of businesses in the context of the evolution of the retail industry that is occurring more broadly,” said board chairman Edward Lampert. “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.”

D'Ambrosio succeeds W. Bruce Johnson, who has served as interim ceo and president during the company's ceo search. Johnson has been named Sears' executive vp–off-mall businesses and supply chain.

The retailer also reported that its revenues for 2010 totaled to $43.3 billion, down $717 million from year earlier, and that its operating income for the year was $474 million, down from $713 million in 2009. Sears Holdings is the nation's fourth largest broadline retailer, with about 4,000 full-line and specialty retail stores operating under the Sears and Kmart brands in the U.S. and Canada.