Sears Canada Names Boire Acting CEO Ahead of Rights SaleLauren Coleman-Lochner
Sears Canada Inc., the Canadian retail arm of Sears Holdings Corp., named Ronald D. Boire acting president and chief executive officer, effective immediately.
Boire succeeds Douglas Campbell, who announced his resignation last month, the company said in a statement today. Campbell will work with Boire on the transition through the end of the year. Boire, who was previously chief merchandising officer and president for Sears and Kmart Formats, joined Hoffman Estates, Illinois-based Sears Holdings in January, 2012.
Prior to that, he was CEO of Brookstone Inc. and previously held positions at Toys “R” Us and Sony Electronics.
Sears Holdings, reeling from nine straight quarterly losses, said earlier this month that it plans a rights offering of Sears Canada shares in a bid to generate as much as $380 million in cash and decrease its stake in the struggling business. Sears Holdings CEO Edward Lampert has been trying to sell and spin off assets to raise cash as the company’s losses accumulate. Lampert, who is also the largest shareholder, wants to transform Sears into a leaner retailer focusing on digital sales and its loyalty program. Sears will retain a 12 percent stake in the Toronto-based Canadian unit.
Sears Holdings investors will receive subscription rights to buy Sears Canada stock at C$10.60 ($9.52) per share, the Sept. 26 closing price, the company said this month.
Boire spent the earlier part of his career in the consumer electronics business, working for Sony Electronics Inc. for 17 years in various roles and then moved to Best Buy Co. as general merchandise manager.
Sears Canada rose 3.5 percent to C$8.90 at 10:04 a.m. in Toronto. The shares had dropped 34 percent this year through yesterday. Sears Holdings rose 0.6 percent to $28.66 in New York.