Sears' CEO to Step Down

Chicago Sears Holdings Corp. said Monday that its president and CEO Aylwin B. Lewis would step down at the end of its fiscal year this week, the latest blow for an ailing company that's struggling to connect with customers and invigorate slumping sales.

Lewis will be succeeded by W. Bruce Johnson, an executive VP of supply chain and operations who will fill the role on an interim basis. The company said Monday that Lewis will also resign from Sears' board.

"We are entering a new phase in Sears' evolution as a multichannel retailer, as reflected by the new operational structure we recently announced, and the board has determined that now is the right time to put in place new leadership to take the company forward," Sears chairman Edward Lampert said in a statement.

Johnson joined Kmart in 2003 as senior VP of supply chain and operations. He was named to the office of the chairman in 2005 and took on store operations in 2006.