Sears Hometown parts ways with CEO Bruce Johnson

Sears Hometown and Outlet Stores announced that CEO and President Bruce Johnson will leave the company on August 1, 2015, by mutual agreement with the company's board of directors. Thus, he won't stand for re-election to the board at the company's May 27 annual meeting, but will continue to serve on the board until then.

Sears has begun the search for a new CEO and has retained the services of Heidrick & Struggles, a global executive search firm, to assist in its efforts to identify and evaluate external and internal candidates.

"I am proud of the company's accomplishments since the separation," Johnson said in a statement. "I will be leaving an excellent team in place that is dedicated to the company's success. I believe the company has a bright future."

Johnson has served as director, CEO and president of the company since July 2012. Before that, he was executive VP from February 2011 to July 2012, interim CEO and president from February 2008 to February 2011, and was previously executive VP of supply chain and operations for Sears Holdings. Press release