Stylish ex-Sears Canada chief executive Calvin McDonald has been named president and CEO of beauty retailer Sephora Americas.
The move, rumoured after Mr. McDonald abruptly left the Canadian department store chain last month, puts the one-time Loblaw executive known for his marketing prowess in charge of the French beauty giant’s more than 330 outlets in North America and Latin America, and within stores at 400 JC Penney locations in the U.S.
He succeeds David Suliteanu, who has led Sephora since July 2000.
TORONTO – Sears Canada Inc. presents an intriguing, if difficult, proposition for an industry headhunter: How can the shrinking retailer’s board lure a talented executive to helm a business whose industry prospects look dim and which has now seen four chief executives leave in the last four years?
Sears Canada Inc. is on the hunt for a new chief financial officer after the unexpected resignation of Sharon Driscoll.
The news comes two years after Ms. Driscoll was promoted into the role and more than a year into a turnaround plan for struggling retailer outlined by CEO Calvin McDonald, who said last month that the “pace of execution” on the plan was lower than expected.
The departure was “her decision,” Sears spokesman Vincent Power said in an e-mail.
Sears Canada laid off 800 more employees on Tuesday, the bulk of the cuts falling at the troubled retailer’s parts and service repair businesses, according to sources.
The company, which has been shedding assets, outsourcing non-core operations and selling back leases to landlords in a bid to raise cash, reportedly informed roughly 90 head office employees and more than 700 home services workers of the terminations in day-long meetings.
TORONTO • Head office employees at Sears Canada are bracing for more layoffs as the struggling retailer moves forward under its new turnaround specialist CEO.
The company held a series of head office meetings last week with employees at multiple levels and departments to outline its strategies, according to sources, which include a goal of streamlining head office and decreasing its salary costs.
The scope of the pending cuts was not revealed, and no store-level employees will be affected, sources said.
Sears Holdings Corp (NASDAQ:SHLD) has been a meek performer this year. Its stock has tanked by 38% in the outgoing year. The promise linked to the spinoff of its real estate investment trust Seritage Growth Properties that initiated the process of eventual monetization of its huge portfolio of real estate, has been unable to save the year for the ailing retailer.
TORONTO • Leading a wartime military unit and operating a retailer have a few key strategies in common, according to the new chief executive of Sears Canada Inc.
“There are strategic elements around the idea of focus, and amassing your forces,” said Douglas Campbell, who was a U.S. marine pilot before he became a corporate turnaround specialist. “You have got to be able to focus on a few simple things that you do well.”