UPDATE 1-Sears Canada names Ronald Boire CEO

Mon Jan 26, 2015 8:01am EST
 
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Jan 26 (Reuters) - Struggling department store chain Sears Canada Inc named Ronald Boire president and chief executive.

Boire took over as the company's acting president and CEO on Oct. 15 after Douglas Campbell resigned in September, citing personal reasons.

Boire is Sears Canada's fourth CEO in nearly four years.

The company, which has been trying to turn around operations after years of falling sales, reported its tenth loss in 15 quarters in November.

Sears Canada is stepping up spending on areas such as its website and profitable merchandise categories while looking to exit unprofitable product lines as part of its turnaround plan, Boire told Reuters last month.

Boire was previously executive vice president, chief merchandising officer and president of Sears and Kmart brands of Sears Holdings Corp in Illinois.

Sears Holdings said in October that it would reduce its stake in Sears Canada to 12 percent from 51 percent through a rights offering. (Reporting by Manya Venkatesh in Bengaluru; Editing by Kirti Pandey)