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U.S. markets recover from steep losses
HOFFMAN ESTATES, Ill., May 21 (UPI) -- U.S. retail giant Sears Holdings said Chief Financial Officer Michael Collins will be replaced by Senior Vice President and Controller William Phelan.
In a regulatory filing, Sears said Collins was resigning "to pursue another opportunity." Phelan is being assigned as his replacement on an interim basis, the Chicago Tribune reported Saturday.
Collins, the company's fourth CFO since the company joined forces with Kmart in 2005, joined Sears in 2008 as a senior vice president of financial planning and analysis after 18 years at General Electric Co.
The announcement of his departure comes a day after Sears reported its first-quarter losses were larger than expected, the newspaper said.
Phelan's appointment is "effective immediately," Sears said. Collins has agreed to stay through June 10 "to ensure a smooth transition," the company said.
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