Sears, Roebuck & Co. (Hoffman Estates, Ill.) has ended its six-month search for a new president and ceo, to succeed the retiring Arthur Martinez. It has promoted Alan J. Lacy, Sears'46-year-old president of services, responsible for the corporation's credit services, home services, direct response and e-commercebusinesses. Lacy will become president and ceo immediately, and chairman of the board upon Martinez's retirement in December.
Lacy joined Sears in 1994 as senior vice president of finance, and was named executive vice president and cfo in 1995. In December 1997, he was named president, Sears Credit, and assumed his current position in September 1999, where he held responsibility for about half the company's yearly income. Between 1980 and 1994, prior to joining Sears, Lacy held various management positions at Philip Morris and some of its associates, including Kraft.
Martinez has been Sears chairman, president and ceo since 1995 – when he came over from Saks Fifth Avenue – and will remain so until December. He is credited with helping the once-thriving retailer turn its fortunes around. He was widely credited with the successful “Softer Side of Sears” strategy of the 1990s.