Sears Finance Chief Is Out

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Contrary to previous indications, a Kmart employee -- not a Sears employee -- will fill the role of finance chief at the new Sears Holdings Corp., according to reports.


Glenn Richter, chief financial officer of Sears, Roebuck and Co., Hoffman Estates, IL, was identified by a report as recently as last week as finance chief for the merged Sears-Kmart entity.


However, it was revealed last week in a Securities and Exchange Commission filing that William Crowley, senior vice president of finance for Kmart Holding Corp., Troy, MI, had been appointed finance chief for the new Sears Holdings Corp., and that Richter would leave the company after the merger, the Chicago Tribune reported. Richter also will leave as chairman of Sears Canada.


In other news, Kmart and Sears announced Feb. 21 that they will hold special meetings of their shareholders March 24 to vote on the companies' proposed merger.


Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters
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