Sears Holdings Corp. on Thursday reported a 4.5 percent rise in quarterly profit as it cut back on clearance sales, and said it would replace its chief executive at the end of the month.
The U.S. retailer said Aylwin Lewis, who had been CEO of Kmart before the merger, would replace Alan Lacy as CEO as of September 30. Lacy, who will stay on as vice chairman, had faced Wall Street criticism for failing to revive sales at Sears despite years of turnaround efforts.
