Sears Establishes New Executive Retail Position
Company Begins External Search for President of Sears Retail; Will Execute Expanded Growth Strategy
Sears, Roebuck and Co. (NYSE: S) today announced the establishment of a new, expanded leadership position of President of Sears Retail. The new role reflects the next phase of the company's growth strategy, including Sears' recently announced accelerated expansion off-mall.
The new position will include responsibility for all existing U.S. Sears Full-line and specialty retail stores and leadership of the company's aggressive new off-mall growth agenda. Sears expects to operate approximately 70 new off-mall stores by the end of next year, including 12 to 14 Sears Grands and a new mid-size format that was announced with Sears' planned acquisition of up to 54 Kmart stores and seven Wal-Mart stores. In addition, the business president will oversee merchandising, supply chain management and marketing.
Sears will immediately commence an external search for the position. Sears Chairman and CEO Alan J. Lacy will perform the functions of the position on an interim basis while the search is being conducted.
"We are establishing this important new position as part of the next phase of Sears' strategic plan, which involves execution of our off-mall growth program, full integration and alignment of the retail organization and the continuing turnaround of our mall-based stores," Lacy said.
Sears also announced that Mark S. Cosby, executive vice president and president of Full-line stores, is leaving the company to explore other opportunities, effective immediately.
About Sears
Sears, Roebuck and Co. is a leading broadline retailer providing merchandise and related services. With revenues in 2003 of $41.1 billion, the company offers its wide range of home merchandise, apparel and automotive products and services through more than 2,300 Sears-branded and affiliated stores in the U.S. and Canada, including approximately 870 full-line stores and 1,100 specialty stores in the U.S. Sears also offers a variety of merchandise and services through sears.com, landsend.com, and specialty catalogs. Sears is the only retailer where consumers can find each of the Kenmore, Craftsman, DieHard and Lands' End brands together -- among the most trusted and preferred brands in the U.S. The company is the largest provider of product repair services with more than 14 million service calls made annually.
SOURCE: Sears, Roebuck and Co.
CONTACT: Media, Edgar P. McDougal, +1-847-286-9669, or Investors,
Scott A. Bohaboy, +1-847-286-7419, both of Sears, Roebuck and Co.
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