NEW YORK (Reuters) - Sears Holdings said its former interim CEO Bruce Johnson has agreed to serve as chief executive and president of Sears Hometown and Outlet Stores Inc once the business is spun off from the retailer.
Johnson, who had served as interim CEO of the parent company from 2008 to early 2011, was most recently the executive vice president of the company's off-mall businesses.
In February, the operator of Sears department stores and the Kmart discount chain said that it would spin off its Sears Hometown and Outlet businesses and certain hardware stores through a rights offering. It said it expected to raise $400 million to $500 million.
Designed for small to mid-size markets, the Sears Hometown Stores consist of hundreds of independently owned and operated U.S. stores.
Following the separation of the unit from Sears Holdings, Johnson will cease to be an employee and officer of the parent company, Sears Holdings said in a regulatory filing on Friday.
(Reporting by Dhanya Skariachan; Editing by Dan Grebler)
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