Sears CEO departs as profits tumble

? Sears Holdings Corp. abruptly announced the departure of president and chief executive Aylwin B. Lewis on Monday, leaving a management void at the top of the department store chain controlled by Chairman Edward S. Lampert as it tries a high-stakes restructuring to reconnect with customers and reinvigorate slumping sales.

W. Bruce Johnson was named interim CEO while the company looks for a permanent successor.

Monday’s announcement marked the latest chapter for the venerable retailer, which has seen its competitors snatch away customers since Lampert acquired Kmart in 2003 and Sears, Roebuck and Co. in 2005.

At the time, Lampert promised to reinvigorate the faded retail icons and “transform them into a great company.”

Nearly three years later, Sear’s 3,800 stores fail to attract many customers. For the first three quarters of 2007, Sears’ profit has fallen more than 40 percent.