Sears Sinks After Key Investor Berkowitz Plans to Leave Board
- Fairholme Capital executive served as director for 20 months
- Investor stepping down from board after liquidating hedge fund
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Bruce Berkowitz, Sears Holdings Corp.’s largest outside shareholder, is stepping down from the board, a move that sent the stock tumbling on Monday.
Berkowitz, the chief investment officer and founder of Fairholme Capital Management, will depart at the end of this month -- less than two years after he joined the board. Long a passive investor in Sears, Berkowitz became a director in February 2016 after saying he wanted to take a more active role at the company.