Sec filings from Wednesday indicate that Jeffrey Balagna is leaving the company at the end of the month.
"Mr. Jeffrey Balagna, Executive Vice President of Sears Holdings Corporation (the “Company”), will be departing from his position with the Company, effective as of November 30, 2016, in order to focus on his other business interests and pursue other career opportunities."
I wonder how 9055 would spin this.
Over the last few years, I met with Jeff (and others) to discuss how we are going to modernize our I.T. department. His approach was to replace the apps that are causing the most grief for the stores.. but if a legacy app was doing it's job then we'll keep it. Our new CIO makes broad statements about moving all apps to "the cloud" in a year or two. To me, that's trying to boil the ocean... it's ridiculous.... I think Jeff's approach made sense but obviously that's not what Eddie wanted to hear, so he's out. The execs that are left are just a bunch of yes-men. I thought Jeff was a great executive... I am sure he will be an asset for another corporation... it's Sears's loss. Jeff also had to deal with auditors who reported that some of our systems had a 'material weakness' from a functioning standpoint so he was attempting to get that fixed last year. Auditors (D&T) are still asking many questions and checking our systems....
Maybe we will be lucky and find out Jeffrey IS 9055
Another one bites the dust. They always say the same thing about pursuing other opportunities and it doesn't necessarily mean they were fired. The revolving door at the upper level has been going on for years. There's an announcement of someone leaving a high level SHC job every couple of months. They get into these jobs, look around and see the disaster which is Sears Holdings, then they bolt. It's also public knowledge that working directly for Eddie Lampert is miserable.
Some people still seem unable to see the writing on the wall. This company is just about done. The people at the top aren't willing to hang around even for $millions in salary and bonuses.
I had noticed Mr. Balanga sold all his stock back in early summer, when I was checking SEC filings. Surprised he stayed around this long.
Sears catalog could come back and save us the internet will go dark one day and the catalog will be the survival. The dark internet ship is going down not Sears. It's about the catalog saving us folks
I don't think that the company is in any shape to let someone that high up go. Honestly take a quick look around your stores it's all about patching things not actually fixing it. If you are bright enough to stop and see that then you will be looking for a job right now and I don't mean half a** looking I mean going after every opportunity to go elsewhere before every single SHC employee is looking when the near end comes.
As for the Sears MasterCard turning into shop your way it is confirmed that this is going to happen and last I checked every major retailer has their name on their credit line not something different.
I've said this before and I'll say it again if you can't leave for whatever reasons outside of your control I feel for you I truly do but those who are sticking around with the dumbfounded belief that this company is going to turn around I will wait for the great I told you so moment when the bulldozers arrive at your door
They'll most likely spin off syw and tie it more closely with the Sears card. I think they're already making plans to call the Sears MasterCard a "shop your way credit card" or something.
I am wondering like the OP said is how will poster "9055" spin this issue of a EVP leaving SHC.
I wonder if SHC is planning to File either Chapter 11 or 7 sometime in December 2016 and liquidate throughout the holidays?
Can SYW be spun out as a standalone company?
Letting the rest of SHC liquidate?
Or is SYW so corrupted it is not worth spinning it off?
I think these "new opportunity seekers" will become more numerous as it becomes more apparent this ship is going down .
He didn't jump ship. "Looking for opportunities" is code for fired. Totally fired.
I think that a lot of people (especially those at the top) are realizing that the ship is going down and are jumping ship while they still have time left to have "time to look for other jobs or opportunities"!
Who cares what he says? The real question is what are you going to do knowing the information you know?