Sears ousts Lewis amid lagging sales

HOFFMAN ESTATES, Ill. Aylwin Lewis, president and ceo of Sears Holdings, will leave the company Feb. 2, following Sears' recent sales troubles. He will be replaced by Bruce Johnson, evp of supply chain operations for Sears Holdings, who will serve in the role until a permanent replacement is found.

The announcement came not long after Sears Holdings reported sales declines across most categories during the holiday season, and said it expects a drop in its fourth quarter net income over the previous year from $820 million to between $350 million and $470 million.

In addition, Sears Holdings recently confirmed that it was restructuring the company to simplify the management of its business lines and to create greater autonomy and focus for the business unit management teams. According to Sears, the new structure is built on five types of business units that enable each organization to focus on their core categories and capabilities: operating businesses, support, brands, online and real estate.

Edward Lampert, chairman of Sears Holdings said, "We are entering a new phase in Sears' evolution as a multi-channel retailer, as reflected by the new operational structure we recently announced, and the board has determined that now is the right time to put in place new leadership to take the company forward. As we realign Sears into five different types of focused business units, we will be redefining how our leaders operate by giving them greater autonomy and accountability for their businesses. We intend to put in place an operating model that allows managers to act with the flexibility and speed required in today's dynamic and highly competitive marketplace.