Collins to replace Reidy as Sears CFO

The Hoffman Estates-based Sears Holdings Corp. Monday said Chief Financial Officer J. Miles Reidy will step down later this year.

The retailer hired Michael Collins, a former executive at General Electric Co.'s NBC Universal, to succeed him. Reidy is leaving to "attend to a family issue," Sears said in a statement.

The company expects Collins, who was most recently senior vice president of planning and analysis at NBC, to succeed Reidy later this year.

Chairman Edward Lampert reorganized the company earlier this year and ousted Chief Executive Officer Aylwin Lewis in January.