Beleaguered Sears makes early change at the top

Two days after Sears Holdings Corp. announced massive losses in the third quarter, the retail giant has put a new financial czar in charge.

Michael D. Collins, a former General Electric Corp. executive, took over as chief financial officer Thursday. He replaces J. Miles Reidy who is leaving Sears because of family issues.

Collins began work at the Hoffman Estates-based retailer Oct. 13 as its senior vice president for finance but company executives said then they expected him to become chief financial officer before the end of the fiscal year in January.

"Mike has really hit the ground running and his transition work with Miles has exceeded our expectations," Sears interim President Bruce Johnson said in a statement.

Collins' chief responsibilities include providing detailed analyses of the company's financial performance that will drive business decisions, officials said.

Sears Holdings Corp, the parent company of Sears, Roebuck and Co. and Kmart, on Tuesday revealed net losses of $146 million or $1.16 per share compared to a year ago. Sales fell by 9 percent in the quarter and 22 stores will be closed.

While at General Electric, Collins was senior vice president of planning and analysis for the corporation's NBC Universal Division. He is a certified public accountant with a degree in economics from the University of Pennsylvania.

Sears also said they had hired Fred Jasser as vice president and treasurer. Jasser previously was vice president of the investment banking division for Goldman Sachs & Co.

Reidy is expected to leave Sears by the end of the fiscal year.