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Broadline retailer Sears Holdings Director Alan Lacy resigns

Jul '06
Leading home appliance retailer Sears Holdings Corporation announced that Alan Lacy Vice Chairman of Sears Holdings has decided to leave the company effective July 29, 2006. Mr. Lacy will also resign from the boards of directors of Sears Holdings and Sears Canada at that time.

"I want to thank Alan for his many contributions to the company," said Sears Holdings Chairman Edward S. Lampert. "Under Alan's leadership, Sears, Roebuck and Co. took the steps necessary to create a more competitive company. Most importantly, he recognized that the merger of Sears and Kmart would be a powerful opportunity to significantly improve the strategic and financial position of both franchises."

"I also want to thank Alan for his dedication to Sears Holdings," Mr. Lampert added. "He took on the important role of vice chairman last September, when we both recognized the need for a more efficient organization structure and yet wanted the recently merged companies to continue to benefit from Alan's knowledge and judgment. As vice chairman, he's been focused on the integration of Sears and Kmart as well as his responsibilities as the chairman of the board of Sears Canada, which has seen its stock price double since he was named to that post."

Mr. Lacy commented, "I am proud of what we've accomplished. We have faced many challenges and yet have been able to significantly change the face of Sears and create significant value for shareholders. In doing so, I have been deeplyimpressed by and grateful for the dedication and capability shown by our associates during this period of rapid change. I'm convinced the merger of Sears and Kmart provides a greater opportunity for growth and prosperity than either company would have had independently. I'm excited about the future of Sears Holdings and what it can achieve."

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