Sears Holdings has named William Phelan as acting CFO, replacing Michael Collins, currently SVP and CFO, who resigned last week to pursue another opportunity, the company reported in an SEC filing.
Collins will remain with the company until June 10 in order to ensure a smooth transition, Sears noted in the filing.
Phelan was elected SVP and controller of the company in September 2007. From December 2007 until December 2008, he also served as the company's treasurer. From the consummation of the merger involving Kmart Holding Corp. and Sears, Roebuck and Co. in March 2005 until September 2007, Phelan served as VP and controller. Prior to the consummation of the merger, he served in a variety of finance positions with Sears, Roebuck and Co., which he joined in 1992.
Phelan will have his work cut out for him. In its most recent quarter, Sears Holdings reported a first-quarter net loss of $170 million, or $1.58 per diluted share, compared with net income of $16 million, or 14 cents per diluted share, in 2010.