Eddie Lampert Steps Down As Sears’ Chairman

Eddie Lampert will step down as chairman of Sears Holdings Corp’s board, effective immediately, according to a regulatory filing.

Kunal S. Kamlani, a director on the board and president of ESL Investments, also stepped down. ESL, Lampert’s hedge fund, won a bankruptcy auction last month to buy the once iconic U.S. retailer after presenting an improved offer of $5.2 billion.

The filing stated, “Their resignations relate to the completion of the Going Concern Transaction and are not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”