Loblaw exec new ceo for Sears Canada
June 23, 2011,
McDonald's appointment is effective immediately.
McDonald, who also will sit on Sear Canada's board of directors, most recently was executive vp in charge of the conventional division of Loblaw Cos. Ltd., one of Canada's largest grocery and general merchandise retailers. According to a statement from Sears Canada, the Loblaw's division generates over C$10 billion in revenue annually from some 400 stores and employs more than 50,000 people.
McDonald has been vp of online services, vp of merchandising and marketing for Loblaw's No Frills division, senior vp of the grocery business unit, and executive vp of marketing in charge of brands and corporate strategy.
Rogers came to Sears Canada from its parent company, U.S.-based Sears Holdings, which holds approximately 90% of its outstanding common shares.
Sears Canada reported that sales for its fiscal first quarter, which ended April 30, were C$922.5 million, down 7.1% year-over-year. The net loss deepened to C$49.5 million or 47 cents per share, from a loss of C$8.8 million or 8 cents per share for the comparable period a year earlier.