Four more Sears directors resign from board after Green takeover

TWO MORE executive directors and two non-executive directors of Sears have resigned from the group board following the pounds 548m takeover by Philip Green.

John Pearmund, the chief executive of the Freemans mail order business, and John Lovelock, who ran the clothing operations, are stepping down from the board, but will still run the businesses. Non-executives Edward Lea and Alison Carnwath have also resigned. Sir Bob Reid, chairman and Lord Tebbit, a non-executive director, stay until the close of the bid period on 19 February to protect the interests of minority shareholders.