Sears looks to stay afloat with new board member

A cruise industry executive is the newest member of the board of directors for Sears Holdings Corp.

"I am very pleased to welcome Kunal S. Kamlani to our board," said Sears Holdings Chairman and CEO Edward S. Lampert. "His broad-based financial services expertise coupled with leading a company with a strong focus on its customers make him a great fit for our board as we continue our transformation to a member-centric company that leverages Shop Your Way and Integrated Retail."

Kunal until recently served as president and COO of Prestige Cruise Holdings, where he was responsible for both the Oceania Cruises and Regent Seven Seas Cruises brands. He was formerly the chief financial officer for Prestige and rejoined the company in 2011 from Bank of America/Merrill Lynch, where he served as head of the multibillion dollar Global Investment Solutions division with more than 1,000 employees worldwide. His past experience also includes serving as the chief operating officer of Smith Barney and vice president of corporate development for Starwood Hotels & Resorts.

Sears Holdings operates 1,830 stores between the Sears and Kmart formats.