Can This New Board Member Help Save Sears?
Sears Holdings Corp. (NASDAQ: SHLD) shares slid slightly on Tuesday after the company announced its newest addition to the board of directors. This announcement comes about one year after long-time Sears investor, Bruce Berkowitz, stepped down from his board seat.
Effective immediately, Alan J. Carr, managing member and CEO of Drivetrain, will join the Sears board of directors.
Carr has significant experience as a principal, investor and advisor leading complex financial restructurings, as well as serving as a director of reorganized businesses in the United States and Europe.
Edward S. Lampert, board chair and chief executive of Sears, commented:
Alan brings deep experience as a director for companies that went through complex organizational change. We are pleased to welcome him to the Board and look forward to the benefit of his expertise as we work to maximize value for the Company and its stakeholders.
Excluding Tuesday’s move, Sears had vastly underperformed the broad markets, with the stock down about 91% in the past 52 weeks. In just 2018 alone, the stock is down 82%.
Shares of Sears were last seen down 2% lower to $0.61 on Tuesday, with a consensus analyst price target of $2.00 and a 52-week trading range of $0.59 to $7.22.