|Sears Canada Shareholders Elect New Board of Directors|
TORONTO, May 10, 2006 (Canada NewsWire via COMTEX News Network) -- Sears Canada Inc. (TSX: SCC) announces that its shareholders elected a new Board of Directors at the Company's Annual General Meeting which was held in Toronto yesterday.
The new Board is comprised of the following members: - Alan J. Lacy, Chairman of the Board, Sears Canada and Vice Chairman, Sears Holdings Corporation - E. J. Bird, President, Overflow Ministries - William C. Crowley, Executive Vice President and Chief Financial Officer and Administrative Officer, Sears Holdings Corporation - George C. Estey, Managing Partner, Beaufort Partners - Mark C. Good, Executive Vice President and General Manager, Home Services, Sears Holdings Corporation - Jon Lukomnik, Founder and Managing Partner, Sinclair Capital LLC - Dene Rogers, Acting President, Sears Canada and Executive Vice President, Restructuring and Business Improvement, Sears Holdings Corporation - Rudolph R. Vezér, Senior Vice-President and Chief Legal Officer, Sears Canada
Of the 107,545,678 issued and outstanding common shares of the Company, 93,436,391 shares, or approximately 86.9%, were represented in person or by proxy at the meeting. Proxies representing 89,278,758 shares, or approximately 95.6% of the total shares represented at the meeting, authorized management of the Company to vote in favour of the election of the directors nominated by Sears Holdings.
Excluding the shares of the Company owned by Sears Holdings prior to the commencement of its takeover bid (the "Minority"), approximately 63.3% of the Minority gave the affirmative authority to management to vote, by proxy, in favour of the election of the directors nominated by Sears Holdings. Of the proxies received from the Minority, 88.4% supported the election of the Sears Holdings slate of directors.
Sears Canada is a multi-channel retailer with a network of 188 corporate stores, 181 dealer stores, 65 home improvement showrooms, over 2,000 catalogue merchandise pick-up locations, 107 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca.
SOURCE: Sears Canada Inc.
Contact for Media: Vincent Power, Sears Canada, Corporate Communications, (416) 941-4422, firstname.lastname@example.org