Sears Says Lampert to Take Over as CEO

Sears Holdings Corp. (SHLD) said Lou D’Ambrosio is stepping down as chief executive officer and Chairman Edward Lampert will take over the job as the billionaire hedge fund manager works to revive the retailer.

The sudden departure of D’Ambrosio, 48, was prompted by family health matters, the Hoffman Estates, Illinois-based company said yesterday in a statement. Lampert, 50, will take over at the end of the company’s fiscal year on Feb. 2.