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Louis D'Ambrosio is set to step down from his position as Chief Executive for Sears Holdings Corporation. Edward Lampert is set to assume the role of CEO in addition to his duties as Chairman.
Shortly before the announcement, both Sears and affiliate company Kmart reported a sales decline in consumer electronics, which is said to account for a 1.8 percent decline in quarter-to-date sales at the beginning of 2013 and total store sales for the previous year.
According to a Sears company statement, the reported net loss that shareholders can expect for the quarter ending on February 2 falls between $2.64 and $3.40 per share.
D'Ambrosio acted as CEO since February 2011 and is said to step down due to family health reasons.