BREAKING NEWS

BREAKING NEWS

Eddie Lampert steps down as chairman of Sears' board

Eddie Lampert steps down as chairman of Sears' board
FILE PHOTO: A store closing sale sign is posted next to a Sears logo in New Hyde Park, New York, U.S., October 10, 2018. REUTERS/Shannon Stapleton -
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Shannon Stapleton(Reuters)
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(Reuters) - Eddie Lampert will step down as chairman of Sears Holdings Corp's board, effective immediately, a company filing showed on Thursday.

Lampert's resignation relates to the completion of the "going concern" transaction and is "not the result of any disagreement with the company on any matter relating to the company's operations, policies or practices," according to the filing.

ESL Investments, Lampert's hedge fund, won a bankruptcy auction last month to buy the once iconic U.S. retailer after presenting an improved offer of $5.2 billion (4.06 billion pounds).

Lampert, who stepped down as chief executive officer of the company when it filed for bankruptcy last year, had earlier said he would hire a new chief to lead the company.

Kunal Kamlani - president of ESL Investments - also stepped down from the board, the company said.

(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'Silva)

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