Sears Holdings Corp (NASDAQ:SHLD) reported that Bruce R. Berkowitz has determined to step down from the firm’s board, effective October 31, 2017. Berkowitz joined the company’s board in February 2016. Edward S. Lampert, the Chairman and CEO, expressed that on behalf of the management and board of directors, he wants to appreciates Berkowitz for his long-term investment and commitment in Sears Holdings. His guidance, counsel and leadership as a board member have been precious to company.
Mr. Berkowitz added that it has been an immense pleasure to serve on Sears board and work closely with Lampert and the rest of the leadership team. He wishes the firm and its alliances all the best as the company continues to work on its strategic priorities. Mr. Berkowitz has been working as the CIO of Fairholme Capital Management, LLC, which is an investment adviser registered firm with the SEC. He is also a Director and the President of Fairholme Funds, Inc.
Sears Holdings is a leading integrated retailer with its efforts focused on connecting the physical and digital shopping experiences to serve their members, whenever, however and wherever they intend to shop. The firm operates through its subsidiaries, including Roebuck and Co., Kmart Corporation and Sears, with specialty and full-line retail stores across the U.S.
In unrelated news, as part of its longstanding commitment to helping America’s veterans, Sears reported it has associated with Operation Homefront to offer veterans and their families with mortgage-free and new homes, and to support their major financial requirements this holiday season.
In the last trading session, the stock price of Sears Holdings declined more than 11% to close the day at $5.99. The decline came at a share volume of around 5.47 million compared to average share volume of 1.09 million. After the recent decline, the market cap of firm was noted at around $643 million.