Sears Canada makes acting CEO permanent

Toronto – The board of directors of Sears Canada Inc. has named Ronald D. Boire as president and CEO. Boire has served as the company's acting president and CEO since Oct. 15, 2014.



Prior to his role with Sears Canada, Boire was executive VP, chief merchandising officer and president, Sears and Kmart Formats, Sears Holdings Corp. Prior to joining Sears Holdings in January 2012, Boire was president and CEO at Brookstone, a position he held from October 2009.



Boire also previously served as North America president of Toys “R” Us and executive VP/global merchandise manager at Best Buy and held a variety of increasingly senior roles at Sony Electronics Inc.



"The board of directors believes Ron has the capabilities, experience and leadership that Sears Canada needs at this time," said William C. Crowley, chairman of the board, Sears Canada Inc. "He is assembling a team, developing an approach, and instilling a culture that is necessary to improve the business."



Sears Canada has been experiencing difficulties. The company reported a net loss of $118.7 million in the third quarter of fiscal 2014, following an announcement from parent company Sears Holding that it would sell off most of its 51% ownership stake to shareholders and reports that J.P. Morgan Chase & Co. will end its agreement to issue credit cards for Sears Canada in November 2015. However, the company is reaching out to employees and executives of soon-to-shutter Target Canada, implying that it expects future growth.