U.S. News

Edward Lampert Not Standing For Re-Election To AutoNation Board

Associated Press

AutoNation said Monday that Edward S. Lampert, chairman and chief executive of ESL Investments and chairman of Sears Holdings , would not seek re-election to the auto retailer's board.

The company said Lampert would step down, effective in May, to devote more time to his duties with ESL Investments and Sears Holdings. Bill Crowley, president and chief operating officer of ESL Investments, will continue to serve on the AutoNation board.

ESL Investments owns a 24% stake in AutoNation.