Sears Canada has replaced its president and CEO, Dene Rogers (right) with a wunderkind executive from Loblaws, 39-year-old Calvin McDonald (left). The move is said to be an effort to improve Sears position before Target Corp. arrives in Canada. McDonald will replace Rogers effective immediately, Sears said in a statement. Rogers is planning to return to the U.S., the company said. The decision to hire McDonald, a highly-regarded executive away from Loblaws suggests that Sears’ U.S.-based owner is serious about reviving the brand. Sears’ losses have been widening as its sales under perform the broader market. The retailer lost nearly $50 million in the first quarter as sales shrank 7.1 per cent to just under $1 billion.
