The board of directors of Sears, Roebuck and Co. (Hoffman Estates, Ill.) elected Alan J. Lacy president and ceo of the corporation, effective October 1. Lacy also was elected a member of the board as of October 1. As previously announced, he will succeed Arthur C. Martinez, who will continue as chairman of the board until his retirement in December (at which time Lacy also will become chairman).
Lacy, 46, currently is president, Services, responsible for the corporation's credit services, home services, direct response and e-commerce businesses, comprising more than 45,000 Sears associates. He joined Sears in 1994 as senior vp, finance, and was named executive vp and cfo in 1995. In December 1997, he was named president, Sears Credit, and assumed his current position in September 1999.
“Alan's impressive accomplishments, effective leadership and extensive first-hand knowledge of the company made him our clear choice,” said Michael A. Miles, chairman of the board nominating committee that led the search process. And, according to Martinez, the man Lacy replaces, “Alan has successfully tackled several difficult assignments in the past six years. He led the drive to strengthen Sears important credit business, and he is now leading a significant improvement in our home services businesses. Inaddition, his vision and talent as a strategist in the e-commerce business have quickly moved Sears into an industry-leading position.”
“Sears is one of America's great institutions, and I am honored to be entrusted with its future,” said Lacy. “Few newly appointed ceos step into positions where an organization's strengths are as clear and its prospects as compelling as Sears. It's both an advantage and a challenge.”