Sears Canada CEO out after less than a year

Sears Canada Inc. is looking for its fourth CEO in a little over two years as the company seeks to return to profitability.

Sears said Ronald D. Boire will be departing from his position as president and CEO of the company at the end of the summer to pursue an opportunity in the United States. On the same day, Barnes & Noble announced that opportunity is CEO of that company's retail business.

Sears Canada said that Brandon G. Stranzl, chairman of the board of the corporation, has been named executive chairman effective immediately.

"I am enthusiastic about the opportunity to play an expanded role within our organization, and I am committed to working closely with all our Sears associates and business partners to make progress on our goals to delight our customers and return Sears Canada to profitability," said Brandon G. Stranzl, Executive Chairman, Sears Canada. "We are grateful for Ron's support as we search for and welcome a new CEO. In the meantime, the management team and I are fully engaged in executing the current strategy, designed to improve our retail operations so we can best serve Canadian communities from coast-to-coast."

The board of directors will commence a search for a new president and CEO, the company said.

Sears Canada is a multichannel retailer with a network that includes 167 corporate stores, 197 Hometown stores, over 1,300 catalogue and online merchandise pick-up locations, 85 Sears Travel offices and a nationwide repair and service network.