Resignation of Dean Schwartz, President of Hardlines announced 2 minutes after the deadline passed
https://www.ft.com/content/97bca0c8-106a-11e9-acdc-4d9976f1533b
22 replies (most recent on top)
Hmm, guess the admin deleted all the Leena shill posts.
If he stayed he would have to sign a NDA so that he did not spill the beans on all the illegal things going on at SHC. This way he can testify against Eddie and the rest of the crew. If he was a part of it this could mean he is talking and getting immunity.
Uh oh, the Leena shills are out in full force with the Apple and digital talk.
Dean knew there's no way back from this one. That's why he handed in his resignation. This is the final curtain call.
Well, it's a good thing we still have the glorious leader of Sears Digital around to right the ship. We could use another Wow! like the Alfie to help transform member experiences. Who needs Kenmore, Craftsman, Diehard, or Auto? So 20th Century.
@1cmc lol. We all know the dumbest move Eddie ever made was promoting himself to CEO
@1cmc Not surprising that Eddie would leave such a guy in charge of Sears' most important product lines while the company lost over $12B this whole time. Surrounding himself with yes men who only know how to lose money is the only thing he knows about running a company. He's proved that over 15 years. Promoting him wasn't the dumbest move he's ever made. Every single exec promotion he's ever made has been such an id--t.
So basically the failure who failed to get us any product for the last six months gave up at the moment the news would cause maximum PR damage, and the shills think this is good news. The a--hole who is behind us not getting us nothing any product is still Chairman of the Board. Got it.
@WXDWeRx-1kol - Agreed!! Perry spent half of 2014 coaching basketball and only showed up about one day a week, drove the rest of us into the ground tho - heard Wally World is picking him up. Guess they’ll be the next to fail. Guy never should’ve been more than a dishwasher buyer - dumbest move Eddie made promoting him.
So the head of Craftsman, Diehard, Kenmore, Automotive, and what left of Consumer Electronics just unceremoniously bailed. Real good look for Go Forward Eddie.
"Non-compete requirement for a lengthy time for one"
If that was one of the conditions for the hallowed 19 or even for the other 314 then I expect more will be leaving before Jan 15th
A lengthy non-compete is almost like a job death sentence in todays retail business environment AND even staying & thinking I'm not going to stay in retail after receiving my bonus could potentially be harmful
But then again that could be the mindset of the current crop of shc exec's - if they stay no harm no foul - they won't be able to further contaminate other companies with their mindlessness
I'm surprised too. Dean said he'd see this through the end. I wonder if today's events counted as the end in his mind.
You fools don't know all the info to make the assumptions you are making. What was the performance threshold required to receive the bonus? Hint: Not even reasonably achievable. Just like the financial plan numbers forced on the departments every year. What about other stipulations and limitations that were not in the best interest for him or his family? Non-compete requirement for a lengthy time for one. Why would you shoot yourself in the foot for a company in big trouble? The only smart thing to do is leave on your own terms.
@nvo So why were the "old leadership" offered huge bonuses to stay? Your excuse makes no sense.
Yep its official he's a goner
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Mr. Perry (Dean) Schwartz, President, Hardlines, of Sears Holdings Corporation (the “Company”), has resigned from his position with the Company, effective January 4, 2019, in order to pursue other business opportunities. As a result of his resignation, Mr. Schwartz forfeited any award opportunities under the Company’s incentive plans.
Today's timing wasn't a coincidence. It's a direct rebuttal of what he thought of Eddie's offers to liquidate the company and unashamedly say that he's saving Sears.
Deano was a elgible KEIP / KERP 19 and needed to stay until Jan 15 - by leaving earlier he gave up $79,688 in bonus
@nvo new leadership meaning the liquidators about to take over
If he was one of the "knighted nineteen" set to receive a retention bonus for sticking around then I would really have to say "IT's OVER"
The fat lady is really bellowing it out now
This is in-line with other transformations, where old leadership is replaced with fresh blood.
Seems like good news for Go Forward to me. I'd expect new leadership to be announced soon.
In other words it's over.
Holy cow, Dean told me he'd only leave if he knew it was over and saw no hope at all. He's been around since the early 90s. If he's gone, that means he really didn't see even a 1% chance of a comeback.