Sears Holdings Names New Chief Financial Officer

Hoffman Estates, Ill. — Sears Holdings Corporation has promoted Rob Riecker, currently controller and head of capital market activities, to chief financial officer of Sears Holdings, effective immediately.

Riecker joined the company in 2005 as assistant controller and served in various senior positions within the company's finance organization. Riecker succeeds Jason Hollar, who has resigned from Sears Holdings to pursue another career opportunity.

"Rob is a strong leader with significant institutional knowledge through his 11-year tenure with the company. Rob's financial acumen, as well as his long-standing relationships with our vendor and lender partners, makes him highly qualified for the role,” says Edward S. Lampert, chairman and chief executive officer of Sears Holdings. “Our board of directors and entire management team have great respect for Rob and his abilities, and we look forward to working with him in his new role. We also thank Jason for his contributions to Sears Holdings and wish him well on his next venture.

In addition, Sears Holdings Corporation provided an update on its strategic restructuring program.

"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," says Lampert.

The initiatives being taken to realize cost savings in 2017 include:

• The previously announced closure of 150 non-profitable stores, comprised of 108 Kmart and 42 Sears locations, which has been completed.

• The closure of 92 underperforming pharmacy operations in certain Kmart stores and 50 Sears Auto Center locations.

• Simplification of the organizational structure of Sears Holdings through consolidation of the leadership of retail operations for Sears and Kmart and elimination of certain senior management roles.

• A comprehensive review of the company's value chain to identify broader opportunities for competitively priced products and drive operational efficiencies.

Sears Holdings Corporation is a leading integrated retailer that operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States. For more information, visit www.searsholdings.com.

SOURCE: Sears Holdings Corporation

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