Sears Replaces CFO, Cuts More Costs

Sears Holdings Corp. has now had three people serve in the role of chief financial officer in less than 12 months, The Wall Street Journal reports.

The company named Rob Riecker as chief financial officer, starting this month. He was previously controller and head of capital markets activities for Sears. He succeeds Jason Hollar, who had only worked in the position since October, when he replaced Robert Schriesheim.

Hollar’s decision to resign was “not due to any disagreement with the company or matters relating to the company’s operations,” according to The Wall Street Journal article.

Sears has been closing stores to boost its bottom line. However, during a recent investor meeting, company leaders announced more ways “to get its financial house in order, including finding an extra $250 million in savings” and promoting Riecker, USA Today says.

The company is expected to reduce its costs by $1.25 billion for the year, improving upon a previously announced $1 billion, The Wall Street Journal adds.

“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,” Edward Lampert, CEO of Sears Holdings, says in a statement reported by USA Today. “While we have made significant progress in reducing our cost base and enhancing our member value proposition, we need to take further action.”