Leading retailer Sears Holdings Corporation announced that Michael A Miles and Julian C. Day have informed the company that they have decided not to stand for re- election to the Board of Directors at the company's scheduled annual meeting in April.
Miles indicated that he plans to devote more time to personal matters, and Mr. Day will devote more time to various other business interests.
Miles joined the board of Sears Holdings at the time of the merger of Sears, Roebuck and Co. and Kmart Holding Corporation.
In addition to being a Director of Kmart prior to the merger and Sears Holdings after the merger, Mr. Day served as President and Chief Executive Officer of Kmart from March 2002 to October 2004.
Edward S Lampert, Chairman of Sears Holdings, said that he would like to thank Mike and Julian for their service on the board.
During the year since the merger was completed in March, Mike has been a highly valued member of the Sears Holdings board.
On behalf of the former Sears Roebuck shareholders, he would also like to thank Mike for his more than 13 years of service on that board prior to the merger."
"Julian became CEO of Kmart when Kmart emerged from bankruptcy and he led the company to substantially exceed its profit plans at a time when many others thought it would not survive," Lampert continued.
He had the opportunity to work closely with Julian during that critical two-year period, and he has continued to value his advice and counsel in the time that he has served on the board of Kmart and then of Sears Holdings Corporation.
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