Sears Canada finance head to quit

Mon Dec 24, 2012 9:17am EST

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Dec 24 (Reuters) - Sears Canada Inc said Chief Financial Officer Sharon Driscoll will resign, two years after being promoted as the finance head of the retailer which is in the middle of a turnaround plan.

Sears Canada, majority-owned by Sears Holdings Corp , last year hired Calvin McDonald as chief executive to lead a three-year plan that includes focusing on categories in which it is strongest such as mattresses and major appliances.

Driscoll, the company's finance head since December 2010, will be resigning effective Jan. 4, Sears Canada said on Monday.

The resignation had nothing to do with McDonald's plan, Sears Canada spokesman Vincent Power told Reuters.

The CEO said last month that the pace of execution of the plan had not met expectations.

The company's shares have fallen 10 percent in the last year. The stock closed at C$10.66 on the Toronto Stock Exchange on Friday.

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