Lampert’s letter is a doozy
Eddie Lampert seems to have tech on the brain.
The hedge-fund billionaire — who as chairman of Sears Holdings took three years to name a permanent CEO for the struggling retail chain — tapped Lou D’Ambrosio, an IBM veteran with scant retail experience.
The move bewildered analysts, who said the company needs the touch of an experienced retailer rather than a techie. Their fears seemed to be confirmed yesterday when Sears reported a 13 percent drop in fourth-quarter profit, sending the shares down 5.5 percent, or $4.83, to $82.40.
In a rambling, 21-page letter to shareholders yesterday, Lampert admitted to “missteps” by Sears on his watch, as the retailer’s share of the appliance business has been whittled away by rivals.
But returning to the tech theme, Lampert launched into an odd discussion that lumped Sears with Microsoft and Apple. First he compared Sears with Microsoft, arguing that both had lost market value because of aggressive buybacks but had achieved higher share prices as a result.
Then Lampert switched gears, saying “Like Apple, we seek to [benefit shareholders] by improving our operating performance, innovating and delighting customers.”
He added, “In this area, we have fallen far short of our goals and what we aspire to do in the future.”

