Sears CEO Aylwin B. Lewis Steps Down Amid Reorganization

Lewis was an executive at fast-food chain Yum Brands Inc. and had little retail experience when he was hand-picked by Lampert in 2004 to run Kmart and later Sears.

Edward S. Lampert, chairman of Sears Holdings said, "We've accomplished a great deal under Aylwin's leadership and we are very grateful for his commitment to Sears during a critical time in the company's history. Aylwin played a key role in the integration of Kmart and Sears and in implementing important initiatives to enhance the profitability of the combined business. His hard work, dedication and enthusiasm have been a great example for our associates and we wish him great success in the future."

Mr. Lewis said, "Thanks to the many talented associates who serve our millions of Sears Holdings customers, we have made great progress since the Sears-Kmart merger was completed and I am proud of our accomplishments so far. There are many steps yet to take, and I'm confident that with the strong leadership and culture of learning the company will be successful."

Lewis will be succeeded by W. Bruce Johnson, an executive vice president of supply chain and operations who will fill the role on an interim basis.