Sears Canada seeks new CFO as Driscoll resigns

CANADA: Sears Canada seeks new CFO as Driscoll resigns

By Katie Smith | 2 January 2013

Retailer Sears Canada is seeking a new chief financial officer after revealing Sharon Driscoll has resigned to pursue other interests.

Driscoll, who joined Sears Canada in November 2008 and has served as CFO since December 2010, will leave the company on 4 January.

The retailer said it is conducting a search for a replacement and expects to make an announcement when the search is complete.

In the interim, processes are in place that will allow the finance functions to continue operating seamlessly, the company added.

"I want to thank Sharon for her service to Sears over the past four years," said Calvin McDonald, president and CEO of Sears Canada. "On behalf of the entire management team, I wish her all the best in her future endeavours."

Expert analysis

Consumer Lifestyles in Canada

Canadian consumers were not affected by the economic downturn to the same degree as consumers in the US. Indeed, there were only brief declines in levels of disposable income and consumer spending before both rebounded relatively quickly. General optimism has meant consumers have not been adverse to spending, reflected by near-dangerous levels of household debt and it is this debt, rather than broader economic forces, that may have the greatest impact on spending in the coming year.

Sectors: Apparel, Retail