Sears and Kmart parent corporation Sears Holdings (NASDAQ:SHLDQ) announced Monday that company CEO Louis D'Ambrosio will relinquish his position at the end of the company's fiscal year on Feb. 2 due to "family health matters."
D'Ambrosio will be replaced by company chairman and largest shareholder Edward Lampert. Lampert, who is also a noted activist hedge fund manager, will take over operations of a company whose stock has fallen nearly 30% over the past six months despite a relatively strong 2012 overall.
Lampert was quoted in the company's press release as saying: "In light of Lou's decision to step down, the Board feels it is important that there is continuity of leadership during this important period of transformation and improvement at Sears Holdings. I have agreed to assume these additional responsibilities in order to continue the company's recovery and sustain the momentum we are experiencing ..."
D'Ambrosio, who joined the company as CEO in February 2011, will remain on the board until the company's annual meeting in May. Lampert will remain chairman of the board.