Sears Hometown and Outlet Stores CEO to step down

Sears Hometown and Outlet Stores has announced that W. Bruce Johnson, CEO and president, will leave on Aug. 1, 2015, the end of the company's second fiscal quarter. Johnson will not stand for re-election to the board of directors, but will continue to serve until the company's annual meeting of stockholders on May 27, 2015.

The board has begun a search for a new CEO and has retained Heidrick & Struggles to assist the board in finding candidates. 

"The board and I are very grateful for Bruce's many contributions and efforts since the company was separated from Sears Holdings Corporation in October 2012,” said William R. Harker, chairman of the board. “We will miss Bruce's strong leadership and insights."

"I am proud of the company's accomplishments since the separation,” Johnson said. “I will be leaving an excellent team in place that is dedicated to the company's success.  I believe the Company has a bright future."

Johnson has been a director and CEO and president since July 2012.  He served in various capacities as executive VP of Sears Holdings from February 2011 until July 2012.  He served as Sears Holdings' interim CEO and president from February 2008 to February 2011 and as a member of the board of directors of Sears Holdings from May 2010 to May 2011.  He previously served as Sears Holdings' executive VP supply chain and operations since the merger of Sears, Roebuck and Co. and Kmart Holding Corporation in 2005.