Sears Canada CEO resigns, COO Douglas Campbell takes over

Tue Sep 24, 2013 7:26am EDT
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Sept 24 (Reuters) - Department store chain Sears Canada Inc said Chief Executive Calvin McDonald resigned and that Chief Operating Officer Douglas Campbell would take over with immediate effect.

The company said McDonald has resigned to pursue an opportunity with a leading international company.

Campbell joined Sears Canada in March 2011 and was named COO last November.

Revenue at Sears Canada, 51 percent-owned by U.S. department store chain Sears Holdings Corp, fell for the 18th quarter in a row as the company struggled with weak demand and increasing competition from U.S. retailers.

Last year, the company announced a three-year plan that included making radical changes to its pricing strategies and sprucing up stores to compete with the likes of Target Corp and Wal-Mart Stores Inc.