AP News

News Summary: Lampert takes over as Sears CEO

CORNER OFFICE: Sears Holdings Corp. announced late Monday that chairman and hedge fund billionaire Edward Lampert will take over the role of CEO. He succeeds Louis D'Ambrosio, who is leaving February because of family health matters.

WHAT IT MEANS: Shares of Sears fell even as the Hoffman Estates, Ill.-based company offered an update on holiday sales that showed some improvements at its Sears stores. Overall, the company still faces a long, uphill battle to turn itself around.

WHAT'S NEXT: D'Ambrosio will remain on the board until the company's annual meeting in May.

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