Sears hires Reidy as new CFO

HOFFMAN ESTATES -- Sears Holdings Corp. said today it hired banking industry veteran J. Miles Reidy to be its new chief financial officer .

Reidy, an executive at Capital One Financial Corp., will join the Hoffman Estates-based retailer next month.

Reidy replaces William C. Crowley, a member of Sears' board and the company's chief administrative officer, who's held the job on an interim basis since January.

"Miles has built and led highly quantitative, analytical finance organizations," Crowley said in a statement. "We have asked Miles to bring to Sears Holdings this rigorous approach to testing and creating value through data-driven decisions."

Sears operates Kmart and Sears stores.

At McLean, Va.-based Capital One, Reidy was CFO of the company's credit card division and most recently worked under the company's chief risk officer.

Before joining Capital One, Reidy worked for Chevy Chase Bank FSB, First Commerce Corp. and Mellon Bank Corp.

Sears shares fell $2.81, or 2.1 percent, to $130.89 in morning trading Monday.