Sears Canada CEO jumps ship

Sears Canada CEO Calvin McDonald has resigned from his position for a new job opportunity. The move comes in the midst of a three-year restructuring initiative to strengthen the retailer's position in the region against new competition from Target and Wal-Mart.

Previous executive VP and COO Douglas C. Campbell, who is also a retired Marine Corps officer, took his place as CEO and president, as well as a member of the company's board of directors, effective Tues., Sept. 24.

"I am excited about the opportunity to lead a company with such a great brand and history, and to continue to improve the performance of Sears," said Campbell. "I am eager to move us forward, to work closely with our management team and to continue to engage our customers and our 25,000 associates to better serve families and communities across Canada."

Sources told the Globe and Mail that McDonald's resignation involved a disagreement with Sears Holdings Corp over "the pace at which capital was being deployed to keep the momentum of the transformation g