Sears again look­ing for new CEO

Ron­ald Boire leav­ing af­ter less than year in job

The Guardian (Charlottetown) - - BUSINESS - THE CANA­DIAN PRESS

Sears Canada Inc. (TSX:SCC) is look­ing for a chief ex­ec­u­tive of­fi­cer again, fol­low­ing its an­nounce­ment Thurs­day that Ron­ald Boire will de­part at the end of this sum­mer - less than a year af­ter tak­ing on the job.

He will be­come pres­i­dent and CEO of the Barnes & Noble chain of book­stores, ef­fec­tive Sept. 8, ac­cord­ing to a state­ment from New York by the U.S. re­tailer.

Boire be­came the third CEO of Sears Canada in two years last fall. He fol­lowed Dou­glas Camp­bell who left in Septem­ber 2014 and Calvin McDon­ald, who quit sud­denly in Septem­ber 2013 in the midst of a mul­ti­year turn­around plan.

Sears Canada says the chair­man of its board of di­rec­tors, Bran­don Stranzl, will take on a greater lead­er­ship role im­me­di­ately.

In the com­pany's first quar­ter, Sears Canada had a $59.1-mil­lion net loss for the first quar­ter as rev­enues dropped 9.7 per cent from the same pe­riod a year ear­lier.

Stranzl says he will work closely with Sears em­ploy­ees and busi­ness part­ners as Sears Canada works to re­turn to prof­itabil­ity.

“We are grate­ful for Ron's sup­port as we search for and welcome a new CEO,” Stranzl said in a state­ment. “In the mean­time, the man­age­ment team and I are fully en­gaged in ex­e­cut­ing the cur­rent strat­egy, de­signed to im­prove our re­tail oper­a­tions so we can best serve Cana­dian com­mu­ni­ties from coast-to-coast.”

Barnes & Noble, Inc. noted in its an­nounce­ment that Boire had ex­ten­sive ex­pe­ri­ence in re­tail­ing, in­clud­ing as ex­ec­u­tive and chief mar­ket­ing of­fi­cer for Sears and Kmart stores in the United States and as North Amer­i­can pres­i­dent of Toys R Us from 2006 through 2009.

Last week, Des­jardins an­a­lyst Keith Howlett is­sued a re­port say­ing Sears Canada has less than two years to prove it­self.

CP FILE PHOTO

Ron­ald Boire poses at Sears head­quar­ters in Toronto in 2014.

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