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The Wall Street Journal reports that Sears Holdings Corp., which owns both Sears and Kmart, has promoted Alwin B. Lewis, president of the company and CEO of both Kmart and Sears Retail, to be CEO of the entire corporation.

At the same time, the company announce that Alan J. Lacy, who had been CEO of Sears since 2000, will be vice chairman of the company – a move that the WSJ described as a demotion.

And, the company said that its chairman, hedge fund manager Edward S. Lampert, would now be in charge of marketing, merchandising, design and online businesses, as well as the Lands' End brand. Lampert said that his new job responsibilities reflect “the board's and my desire to make the company more responsive to our customers and to involve me more directly in the renewal of the company."
KC's View:
Someone must have told Fast Eddie that Kmart and Sears sold hedge clippers, and he figured that being a hedge fund manager, he’d actually know something about how to sell more of them.

Because that’s the only way that we can figure this move making any sense. Not that Lacy was worth keeping…but there had to be a better option than putting Fast Eddie in charge. (Though maybe this will allow him to keep costs in line while he sells off the real estate…)