Sears Eddie Lampert Resigns
Eddie Lampert has resigned as Sears chairman of the board, effective immediately. A Sears sign is displayed at a store on October 15, 2018 in the Brooklyn borough of New York City. The iconic American retailer has filed for Chapter 11 protection from creditors early on Monday, listing more than $10 billion in debts and more than $1 billion in assets. Getty Images/Spencer Platt

Eddie Lampert has stepped as Sears’ (SHLDQ) chairman of the board. The news comes with the company’s latest SEC filing that was listed on Thursday.

According to the filing, Lampert’s resignation is effective immediately as a precaution of the “going concern transaction” and “not the result of any disagreement with the company on any matter relating to the company’s operations, policies or practices,” the filing read.

The resignation letter from Lampert stated his reasoning for the departure relates to “the acquisition of substantially all of the assets of the company by Transform Holdco LLC and are not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”

Lampert also stepped down as Sears CEO when it filed for bankruptcy last year. Previously, Lampert said he was searching for a new CEO to run the company, Reuters reported.

In addition to Lampert’s resignation, Kunal Kamlani, the president of ESL Investments, has also stepped down from the board effective immediately. ESL is Lampert’s hedge fund that funded the $5.2 billion deal to save Sears from liquidation.

Shares of Sears were down 3.48 percent as of 11:29 a.m. ET on Friday.

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