Sears Canada Inc. announced Thursday that president and chief executive Douglas C. Campbell will resign from his posts by the end of this calendar year, just one year after he took the leadership roles. Previously, he was chief operating officer for the Canadian retailer. Campbell will return to the U.S. to tend to personal family issues.
William C. Crowley, chairman of the board of Sears Canada, said, “On behalf of my fellow directors and the associates of Sears Canada, I would like to thank Doug for his diligent leadership as an Officer of the Company, since 2012, and in particular as CEO, which post he has held since September 2013. Doug brought a focus on creating value for shareholders while taking the cost efficiency and investment steps necessary to produce a viable and profitable Canadian retailer. We wish the best for Doug and his family.”
Campbell’s departure is just the latest in turbulent news for Sears Holdings as it explores “strategic alternatives” for its 51 percent interest in Sears Canada. Last week Sears Holdings CEO, and its largest shareholder, Edward Lampert loaned the company $400 million through the hedge fund he owns, ESL Investments. The short-term loan will be used for general corporate purposes and to fund turn around efforts for the damaged retailer. In August the company reported a net loss of $573 million for the second quarter 2014, a dramatic loss compared to $194 million the prior year second quarter.