After 15-year career with Sears Holdings, Stollenwerck States He’s Ready for a ‘New Challenge’Jeff Stollenwerck, who has functioned as president of Sears Holdings’ realty division considering that 2012, is stepping down, the business verified Thursday.
It’s uncertain when he will leave and how many people will remain in the department.
“Jeff Stollenwerck will soon be leaving Sears Holdings,” the business stated in a brief statement. “We appreciate his service leading the property organisation unit and desire him well in his future endeavors. Our strong bench of skill for our property business system and among the leadership group will (insure) a smooth transition.”
Stollenwerck has held a number of essential positions at Sears Holdings throughout some of its most challenging store-closing and sales decisions over the last few years. He was at the helm when Sears Holdings spun up Seritage, a realty financial investment trust, to take title to 235 Sears properties and 31 joint-venture interests in a $2.72 billion deal.
Stollenwerck began his big-box retail real estate profession as vice president of property for Kmart Corp. from May 2003 to March 2005, inning accordance with a Bloomberg profile. After that he ended up being senior vice president of realty for Sears Holdings until 2008. He was named president of the real estate service unit of Sears Holdings in March 2012. Prior to Sears Holdings, Stollenwerck was vice president of research for ESL Investments, the report stated.
Bloomberg likewise keeps in mind that he served as a non-independent director of Sears Canada from 2014 to 2017, and was director of Orchard Supply Hardware Stores Corp., which the predecessor of Sears Holdings purchased in 1996 and subsequently spun off into a different public entity in late 2011.
In an emailed declaration, Stollenwerck stated that he was “ready for a brand-new difficulty,” however didn’t note what that might be. “I have actually enjoyed my time with SHC and working closely with Eddie and the other leaders,” he said, describing Edward Lampert, chairman and chief executive of Sears Holdings.
Stollenwerck’s revealed departure came only days after ESL Investments, Lampert’s hedge fund, stated it “would be open to” acquiring what remains of Sears’ property “if asked for by the Sears board of directors.”
The deal was made as part of ESL’s letter to the board to submit purchase propositions for 3 service systems “if Sears thinks it would be practical,” inning accordance with the letter. Asked if the board had satisfied relating to the matters, a Sears spokesman said the company was not commenting beyond Monday’s press release announcing invoice of the ESL letter.