Hoffman Estates, IL, July 11, 2006--Sears said that Alan Lacy will step down as vice chairman, effective July 29, and also resign from the boards of Sears Holdings and Sears Canada at that time.
"I want to thank Alan for his many contributions to the company," said Sears Holdings chairman Edward S. Lampert. "He took on the important role of vice chairman last September, when we both recognized the need for a more efficient organization structure and yet wanted the recently merged companies to continue to benefit from Alan's knowledge and judgment."
"As vice chairman, he's been focused on the integration of Sears and Kmart as well as his responsibilities as the chairman of the board of Sears Canada, which has seen its stock price double since he was named to that post," Lampert continued.
Lacy, 52, previously served as CEO for Sears Holdings and before that as CEO of Sears, Roebuck and Co. In a proxy statement filed in April, the company detailed that vesting of Lacy's sizable option grants would accelerate if he resigned within 30 days of June 30, 2006.
