Edward S. Lampert is taking the corner office at Sears.
The hedge fund billionaire will become CEO at the struggling department store chain Sears Holdings Corp., succeeding Lou D’Ambrosio, who headed up the company for around two years. Mr. D’Ambrosio’s departure was influenced by a close family member’s medical condition, people familiar with the matter said.
The move puts Mr. Lampert formally in charge of the company at a time when its sales continue to slide, its losses are piling up and analysts are raising questions about whether it can generate enough cash.
The former Goldman Sachs star created the
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