Sears Canada CEO announces plans to step down

Exactly one year from the day that news broke of former CEO Calvin McDonald's departure, Sears Canada has again announced that there will be turnover in its leadership ranks.

Douglas Campbell, who replaced McDonald as president and CEO after he suddenly resigned last year, has given notice of his impending resignation, which will take effect as soon as the company finds a replacement (but no later than January 1, 2015).

Campbell, who cited personal family issues, will be returning to the United States upon his resignation.

"On behalf of my fellow directors and the associates of Sears Canada, I would like to thank Doug for his diligent leadership as an officer of the company, since 2012, and in particular as CEO, which post he has held since September 2013," said chairman William Crowley. "Doug brought a focus on creating value for shareholders while taking the cost efficiency and investment steps necessary to produce a viable and profitable Canadian retailer. We wish the best for Doug and his family."

Sears Canada continues to be majority-owned by Sears Holdings, though the parent company announced its intention to divest itself of its 51% stake in its Canadian counterpart.

Sears Canada has been bleeding revenue for six straight years, recently reporting its ninth loss in 14 quarters. The company has also cut a significant amount of jobs, as well as closed several stores, in recent years.

A 2013 report from Cleveland Research analyzed the ways in which management turnover has further harmed the struggling retailer.