Sears Seeks New Chief

Sears Holdings Corp. announced its chief executive Aylwin Lewis will leave the company, effective Feb 2, the latest in a shake-up of the firm that operates the Sears and Kmart chain of stores.

W. Bruce Johnson, executive vice president, supply chain and operations, was appointed interim chief executive, the company said in a statement.

The move comes only days after Sears Holdings, which is controlled by hedge fund manager Edward Lampert, said it would separate business units and simplify the way they are managed in a bid to improve results and reverse recent profit declines.

"The board has determined that now is the right time to put in place new leadership to take the company forward," Lampert said.

In recent years, Sears has struggled to win customers from a host of competitors, and now faces an economic slowdown that has hurt sales of home goods such as appliances and tools.

The retailer said it will immediately begin a formal search for a permanent CEO.