Sears Elevates Former Delphi Automotive Executive to CFO RoleBy
Sears Holdings Corp., the beleaguered department-store chain, promoted Jason Hollar to the role of chief financial officer, turning to a former automotive executive to help with its turnaround bid.
Hollar, who joined Sears two years ago as a senior vice president of finance, will take the CFO job immediately, the company said on Friday. The 43-year-old previously worked at Delphi Automotive Plc and Navistar International Corp.
Sears’s chief executive officer and largest investor -- hedge fund manager Eddie Lampert -- has been paring down the one-time retail giant into an “asset-light organization.” The company has offloaded its Sears Hometown and Outlet Stores business and Lands’ End clothing brand, while also selling off store locations and moving others into a real estate investment trust. It’s currently seeking buyers for its Craftsman tool business.
“In his time with the company, Jason has been focused on driving efficiencies and creating value as our company undergoes rapid change,” Lampert said in the statement. “His leadership and financial acumen are important skills as we accelerate our transformation and deliver for our members, associates and shareholders.”
The Hoffman Estates, Illinois-based company announced in May that its previous finance chief, Robert Schriesheim, would be leaving Sears. It also said on Friday that it will merge the internal audit, treasury and capital-markets finance functions under Controller Robert Riecker, who is 52.
Sears’s stock has lost almost half its value this year, dragged down by concerns about continued sales declines and mounting red ink. Lampert’s firm, ESL Investments Inc., agreed in August to lend $300 million to the retailer, which has lost more than $9 billion in recent years.
The stock fell 2.7 percent to $10.58 on Thursday in New York.