Sears Canada CEO to leave by year-end; search on for new chief

Toronto -- Sears Canada Inc. announced that Douglas C. Campbell, president and CEO, intends to resign and return to the United States by yearend for “personal family” issues. Campbell, formerly COO of Sears Canada, was appointed to the top spot in September 2013, after former head Calvin McDonald quit.



Campbell was charged with turning around a struggling chain, which has seen eight years of falling sales.



Sears said Campbell will continue as CEO until the company names a replacement, but no later than January 1, 2015. The retailer said it is commencing an immediate search for a new CEO.



In May, Sears Holdings Corp. said it is “exploring strategic alternatives for its 51% interest in Sears Canada, including a potential sale of Sears Holdings’ interest or Sears Canada as a whole.”



“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,” Sears Canada said in a statement.”