(Adds statement from ESL spokesman in third paragraph)
By Miles Weiss
June 6 (Bloomberg) -- ESL Investments Inc., the hedge fund
run by Edward Lampert, said President William C. Crowley left
after deciding not to move with the firm to Miami.
Crowley, 54, had served as ESL’s president and chief
operating officer since January 1999. Lampert relocated his firm
earlier this month from Greenwich, Connecticut, according to a
regulatory filing today. The move followed his purchase earlier
this year of a seven-bedroom mansion in Florida’s Biscayne Bay
for almost $40 million.
“Bill Crowley determined that he was unable to relocate to
Miami for personal reasons,” Steve Lipin, a spokesman for ESL,
said in an e-mailed statement.
ESL controls Sears Holdings Corp., the parent of the Sears
and Kmart department-store chains. The hedge fund had 19
employees and about $10.6 billion in gross assets under
management at the end of last year, according to an investment
adviser registration filed with the U.S. Securities and Exchange
Commission in February.
Lipin declined to comment beyond the statement, which noted
that Crowley continues to serve on the boards of companies in
which ESL has invested, including AutoZone Inc., AutoNation
Inc., Sears Canada and Orchard Supply Hardware Stores Corp. He
is also a consultant to Sears, according to the statement.
Prior to joining ESL, Crowley was a managing director at
Goldman Sachs Group Inc., according to a proxy statement filed
by AutoNation. Before starting ESL in 1988, Lampert, 49, also
worked at Goldman Sachs under former U.S. Treasury Secretary
Crowley helped run Sears after Lampert acquired the company
in 2005, serving as chief financial officer for several years
and as chief administrative officer until January 2011. Crowley,
who held personal stakes in some of the same companies as ESL,
controlled about 164,732 Sears shares, according to a March 16
proxy statement filed with the SEC by the retailer.
Top news stories: TOP Form 13F Filings: NI 13F Hedge
fund news: NI HEDGE
--Editors: Larry Edelman, Sree Vidya Bhaktavatsalam
To contact the reporter on this story:
Miles Weiss in Washington at +1-202-624-1899 or
To contact the editor responsible for this story:
Christian Baumgaertel at +1-617-210-4624 or
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