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Sears Holdings Board of Directors Appoints Lou D'Ambrosio CEO

Sears Public Relations And Communications
(847) 286-8371

Sears Holdings Board of Directors Appoints Lou D'Ambrosio CEO

    HOFFMAN ESTATES, Ill., Feb. 23, 2011 /PRNewswire/ -- The Sears Holdings
Board of Directors today announced that Lou D'Ambrosio was elected chief
executive officer and president of the company. He will assume the office
and join the Board of Directors effective Thursday, February 24, 2011.

    Mr. D'Ambrosio was chief executive of Avaya Inc. from 2006 to 2008 and
served on the company's Board of Directors. After improving Avaya's
operating performance and driving market leadership, Mr. D'Ambrosio led
Avaya through a going private transaction, delivering attractive returns to
its shareholders. He stepped down from the CEO post in 2008 for medical
reasons. Over the last six months, Mr. D'Ambrosio has worked closely with
Sears Holdings as a consultant to the Board of Directors on key strategic
and operational initiatives. Prior to joining Avaya in 2002, he spent 16
years at IBM.

    Chairman of the Board of Directors, Edward S. Lampert said, "From the
beginning of our CEO search, we were determined to find a leader with
information and technology experience who could catalyze the transformation
of our portfolio of businesses in the context of the evolution of the
retail industry that is occurring more broadly. Having worked closely with
Lou and observing his business acumen, compelling leadership style,
performance orientation and Customer First approach, I am confident that
Lou is the right person to lead and transform Sears Holdings. Lou is a
proven winner and I am excited to have him as the leader of our company."

    Mr. D'Ambrosio added, "I am delighted to have the opportunity to serve
the customers, associates and shareholders of Sears Holdings. Having spent
the last several months working with Eddie, the Board and management, I
have been impressed with the organization's assets and its potential going
forward. We have a committed team, tens of millions of customers and a
storied heritage. While change and re-invention are inevitable, the
opportunity in front of us is compelling and exciting. I look forward to
working with the team in serving our customers in extraordinary ways,
creating a special workplace, and delivering value to our shareholders."

    Mr. D'Ambrosio succeeds W. Bruce Johnson who has served as interim CEO
and President during the company's CEO search process. Simultaneously with
this announcement, Mr. Johnson has been named Executive Vice President -
Off-mall Businesses and Supply Chain. Mr. Johnson will continue to serve as
a member of the Sears Holdings Board of Directors until the company's
annual meeting in May. "Bruce stepped into the interim CEO role three years
ago and, during the period that he has served as our CEO, he has led many
initiatives that have moved the company forward for our customers. The
Board and I commend his character, intelligence and leadership," said Mr.

    About Lou D'Ambrosio

    Lou D'Ambrosio served as Chief Executive Officer and Board Member of
Avaya, a Fortune 500 global telecommunications and technology firm. As CEO,
Lou led a transformation of the organization driving market leadership and
operational improvements in a highly competitive period in the industry.
Lou led the company through a successful $8.3 billion private equity

    Prior to becoming CEO, Lou chaired Avaya's Operating Committee and was
President of Sales and Marketing. Lou joined Avaya as SVP of its Global
Services business unit. Before joining Avaya, Lou spent 16 years at IBM
where he held several executive posts and was a member of the worldwide
management committee. His roles included leading strategy for global
services, sales and marketing for software, and industry operations for
Asia Pacific.

    Most recently, Mr. D'Ambrosio has served as non-executive chairman of
Sensus, a clean technology leader, and on the Board of Trustees of the
Jackson Laboratory and Walnut Street Theatre. Lou received his MBA from
Harvard Business School and Bachelor of Science from Pennsylvania State
University, summa cum laude.

    About Sears Holdings Corporation

    Sears Holdings Corporation (Nasdaq: SHLD) is the nation's fourth
largest broadline retailer with over 4,000 full-line and specialty retail
stores in the United States and Canada. Sears Holdings is the leading home
appliance retailer as well as a leader in tools, lawn and garden, consumer
electronics and automotive repair and maintenance. Sears Holdings is the
2010 ENERGY STAR? Retail Partner of the Year. Key proprietary brands
include Kenmore, Craftsman and DieHard, and a broad apparel offering,
including such well-known labels as Lands' End, Jaclyn Smith and Joe Boxer,
as well as the Apostrophe and Covington brands. It also has the Country
Living collection, which is offered by Sears and Kmart. We are the nation's
largest provider of home services, with more than 11 million service calls
made annually. Sears Holdings Corporation operates through its
subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation. For
more information, visit Sears Holdings' website at

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CONTACT: Sears Holdings Public Relations, +1-847-286-8371
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