NEW YORK Sears Holdings, parent company to department store chains Sears and Kmart, said today that Maureen McGuire, its CMO, has decided to leave the company "for personal reasons."
McGuire, who joined the company in 2005 from IBM, will be replaced by Richard Gerstein, who has been svp, marketing at the Sears retail unit for the past year. Prior to that, he was global chief marketing officer at Alberto Culver. McGuire's last day will be Aug. 31, according to the Hoffman Estates, Ill.-based company.
McGuire's departure comes just two months after Bill Stewart left his position as CMO at Kmart, also citing personal reasons.
Sears spent nearly $500 million in U.S. media last year (not including online) and Kmart $155 million, per Nielsen Monitor-Plus.
Sears Holdings is undergoing a major reorganization by its chairman, Edward Lampert.