Just days after Sears Holdings announced plans to partially spin off its Canadian division, Sears Canada appointed a new board member and said goodbye to another.
Sears Canada appointed Don Ross to its board of directors, effective immediately. Ross is a partner at a prominent law firm in Toronto and is a member of the Law Society of Upper Canada; the New York State Bar Association; and the Canadian, American and International Bar Associations.
Gone from the board is Deidra Merriwether, senior VP and president – retail services for Sears Holdings.
"The board of directors of Sears Canada is pleased to have attracted Mr. Ross to our Board," said William C. Crowley, chairman of the board, Sears Canada Inc. "Mr. Ross brings extensive experience in both domestic and cross-border commercial matters, as well as in corporate governance, and the board welcomes such an esteemed lawyer, educator and author."
Sears Holding said its partial spinoff will reduce the Hoffman Estates, Ill.-based Sears Holdings’ stake in Sears Canada from 95% to about 51%. Sears said it believes that the spinoff will permit each of Sears Canada and Holdings to focus on their respective businesses and allocate resources to best optimize returns on assets employed.