Sears Canada CEO announces resignation

Sears Canada president and CEO Douglas C. Campbell has resigned his spot so he can return to the United States by the end of the calendar year to tend to personal family issues. The board will commence a search for a new CEO immediately.



Campbell intends to continue as the CEO until Sears Canada names a replacement, but no later than January 1, 2015.



"On behalf of my fellow directors and the associates of Sears Canada, I would like to thank Doug for his diligent leadership as an officer of the company, since 2012, and in particular as CEO, which post he has held since September 2013,” William C. Crowley, chairman of the board, said. “Doug brought a focus on creating value for shareholders while taking the cost efficiency and investment steps necessary to produce a viable and profitable Canadian retailer. We wish the best for Doug and his family."



"I want to thank the board for its support and counsel. I also want to express my gratitude to the Sears Canada associates who have worked tirelessly to take care of our customers and to maintain the position of Sears Canada as a great retailer focused on serving Canadian families," added Campbell.



The board added that Sears Canada remains committed to continue the strategy of optimizing productivity, realizing value from desirable assets and creating a highly relevant retailer in Canada with a focus on rural and suburban locations. The board is focused on maximizing total value. At the end of the year, it will review the appropriate level of cash for the company, and any potential return of capital to shareholders, based on the performance of the company during the holiday season and the prospects for the business going forward.



Sears Canada will also continue to cooperate with Sears Holdings Corporation in its previously announced process to explore strategic alternatives for its 51% interest in Sears Canada.