American holding company Sears Holdings has recently announced appointment of Rob Riecker, the company’s controller and head of capital market activities as the new Chief Financial Officer. He will succeed Jason Hollar, who was appointed CFO in October last year.
“Earlier this year, we initiated a strategic restructuring program and committed to improving our operating performance and financial flexibility in a very challenging retail environment,” Edward Lampert, CEO of Sears Holdings, said in a statement, adding, “While we have made significant progress in reducing our cost base and enhancing our member value proposition, we need to take further action.”
Sears, one of iconic retailers has been facing financial trouble. The retailer is struggling to note profit since 2010. It suffered loss of over US $ 2.2 billion. In addition to financial trouble, the retailer has also been dogged by a series of management missteps, from the sale of its more than US $ 30 billion credit portfolio to Citibank in 2003, to a merger with Kmart, another struggling retailer, in 2004.
Also Read – Sears to shut 30 stores in USA
It is pertinent to note that Sears announced to shutter down 30 Sears and Kmart locations in the current year due to a re-evaluation by the company
