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Executive shakeup at Sears ahead of Q2 report

Posted Aug 24th 2008 2:40PM by Trey Thoelcke
Filed under: Earnings reports, Management, Sears Holdings (SHLD)

This past week, Sears Holdings Corp. (NASDAQ: SHLD) announced the addition of two new senior executives to replace the departing heads of its business segments. The former head of Motorola's (NYSE: MOT) mobile devices business, Stu Reed, will become senior vice president of Sears's home services unit. His predecessor was Mark Good. Former Procter & Gamble (NYSE: PG) senior executive Guenther Trieb will take charge of the Kenmore, Craftsman, and Diehard brands.

Hoffman Estates, Ill.-based Sears also announced the impending departure of Chief Marketing Officer Maureen McGuire. Senior vice president Richard Gerstein, also of the marketing team, will serve as chief marketing officer of Kmart and Sears.

Earlier this year Chairman Eddie Lampert split the company into five business units. But, the company reported in May its largest quarterly loss since the merger of Kmart and Sears in 2005. The company is scheduled to report second quarter results this week. Analysts surveyed by Thomson Financial on average expect a profit of 33 cents per share, up from a loss of 53 cents in the previous quarter, but still down from net income of $1.14 in the same quarter a year ago. Also, Sears has tended to offer negative surprises in the most recent quarterly reports. Analysts rate Sears as underperforming.

Shares closed Friday at $88.43, which is down 13.4% since the beginning of the year and down 38.4% from a year ago.

Tags: earnings reports, Eddie Lampert, inthenews, Kmart, Mark Good, MarkGood, Maureen McGuire, MOT, Motorola, PG, Procter and Gamble, Richard Gerstein, Sears, SHLD, Stu Reed

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