Shares of Sears Holdings Corp. fell Tuesday, a day after the retailer announced that chairman and hedge fund billionaire Edward Lampert will take over the role of CEO.
The investor queasiness came even as the Hoffman Estates, Ill.-based company offered an update on holiday sales that showed some improvements at its Sears stores. Overall, the company still faces a long, uphill battle to turn itself around.
Lampert succeeds Louis D’Ambrosio, who is leaving in February because of family health matters. D’Ambrosio will remain on the board until the company’s annual meeting in May. He was named CEO in February 2011, ending a three-year search.