Sears Canada finance head to quit

Mon Dec 24, 2012 9:59am EST
 
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(Reuters) - Sears Canada Inc SCC.TO said Chief Financial Officer Sharon Driscoll will resign, two years after being promoted as the finance head of the retailer which is in the middle of a turnaround plan.

Sears Canada, majority-owned by Sears Holdings Corp SHLD.O, last year hired Calvin McDonald as chief executive to lead a three-year plan that includes focusing on categories in which it is strongest such as mattresses and major appliances.

Driscoll, the company's finance head since December 2010, will be resigning effective January 4, Sears Canada said on Monday.

The resignation had nothing to do with McDonald's plan, Sears Canada spokesman Vincent Power told Reuters.

The CEO said last month that the pace of execution of the plan had not met expectations.

The company's shares have fallen 10 percent in the last year. The stock closed at C$10.66 on the Toronto Stock Exchange on Friday.

(Reporting by Shounak Dasgupta; Editing by Joyjeet Das)

 
A customer enters the closing down Sears store is shown in downtown Vancouver, British Columbia September13, 2012. REUTERS/Andy Clark