Sears Holdings: Schall Named Seritage CEO

Sears Holdings Corp. has announced that Benjamin Schall has been named Seritage Growth Properties CEO, effective May 4. Seritage is the newly formed real estate investment trust that Sears Holdings has participated in launching.

The company stated that Schall joins Seritage with extensive public company and real estate experience, particularly as regards the leasing and redevelopment of suburban retail centers. He was chief operating officer of Rouse Properties, before agreeing to join Seritage, Sears Holdings noted.

Prior to that, he served as svp with Vornado Realty Trust.

“We are pleased to have an executive of Ben’s caliber serve as Seritage’s CEO,” Edward Lampert, chairman and CEO of Sears Holdings, said in announcing the appointment. “Ben’s established track record as a successful operator, developer and public company leader in the retail REIT industry make him optimally suited to launch and lead Seritage as an independent platform. As we look to reposition Sears Holdings’ real estate portfolio, Ben’s deep experience and industry relationships will allow us to accelerate our efforts to reduce the operating footprint of our stores while capitalizing on the value of the underlying real estate. His experience will be especially critical to Seritage’s success and this is an important day for Seritage and Sears.”