Lampert faces tough road as Sears CEO
NEW YORK (AP) â¿¿ 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. Lampert has been known as a hands-on chairman at the operator of Sears and Kmart. The change formalizes that role at a time when the retailer is struggling with sales declines and losses. ___ APNewsBreak: Sandy report details NY's storm needs ALBANY, N.Y. (AP) â¿¿ Floodgates for tunnels, subways and airports as well as a network of safe havens like old Civil Defense shelters should be among quick, simple preventive measures that New York installs ahead of future storms, according to the full report by an expert panel examining Superstorm Sandy's effects in the state. The 205-page report obtained by The Associated Press also calls for two more tunnels out of Manhattan, a rapid bus system, another Long Island Rail Road track and details how to better pay for it all by forging new partnerships with companies. It includes several ways to improve insurance coverage for the state and for residents. Some elements of the report were presented last week, but the report wasn't released publicly. The full report was delivered to Gov. Andrew Cuomo, who is expected to include some recommendations in his State of the State speech Wednesday.