NEW YORK (
said late Friday that Michael Collins has resigned as chief financial officer.
The Hoffman Estates, Ill.-based department store operator disclosed that Collins had left earlier on Friday in a Form 8-K filing with the
Securities and Exchange Commission
. Sears named William Phelan to serve as acting chief financial officer. Phelan is a senior vice president and controller at Sears.
The stock ticked lower in late trades, slipping 29 cents to $71.75 on volume of nearly 110,000, according to
. Based on a regular session close at $72.04, the shares were down almost 17% in the past year, and flat since the start of 2011.
Earlier this week, Sears posted a wider than expected loss for its fiscal first quarter, saying its performance was hurt by poor weather and the impact of the slow economic recovery on its customer base.
Collins was named CFO-elect of Sears in October 2008, and assumed the job in December of that same year.
Written by Michael Baron in New York.
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