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HOFFMAN ESTATES, Ill. - Sears Holdings Corp., which operates Sears and Kmart stores, said Thursday Michael D. Collins has been named chief financial officer as expected, effective immediately.
Collins joined the company in October as senior vice president of finance and was expected to succeed J. Miles Reidy by the end of the fiscal year.
Fred Jasser has been named vice president and treasurer. He was previously vice president in the investment banking division at Goldman Sachs & Co.
Sears Holdings has been struggling with falling sales, as consumers cut back amid an economic recession. Earlier this month, the company reported a fiscal third-quarter loss as revenue dropped more than 8 percent to $10.66 billion.
Before joining Sears, Collins was the senior vice president of planning and analysis at General Electric Corp.'s NBC Universal Division.
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